National CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Glenmont Acquires Downtown Cleveland Hotel, Plans Re-Brand
New York-based Glenmont Capital Management, LLC completed the off-market acquisition of the Radisson Hotel Cleveland-Gateway for a reported $7.5 million. The seller was 700 Prospect LLC, an affiliate of the United Church of Christ.
The 143-key hotel features a business center, fitness center, approximately 3,500 square feet of meeting space and the Gateway Bar and Grill. The hotel, located at 651 Huron Rd., is situated within the 14.9-million-square-foot Cleveland CBD, and is the closest accommodation to both Quicken Loans Arena and Progressive Field.
The property will initially operate under the Intercontinental Hotel Group system as Hotel Cleveland Gateway, and will undergo a comprehensive $7 million renovation, including guest rooms, meeting space and public areas. Upon completion, the hotel will be rebranded and repositioned as a Hotel Indigo, an upper upscale branded boutique within the IHG platform. The hotel will be managed by Pyramid Hotel Group.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
