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Connect Midwest: Multifamily Adaptive & Reuse Trends – Chicago June 13


Connect Midwest: Multifamily Adaptive & Reuse Trends – Chicago June 13

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Chicago & Midwest  + Midwest  + Hospitality  | 

Cleveland-Area Holiday Inn Express Trades at Cap Rate Below 5%

Marcus & Millichap closed the sale of Holiday Inn Express & Suites Cleveland – Streetsboro, a 68-key hospitality property located in Streetsboro, OH. The price wasn’t disclosed. 

Alexandre Duong, a senior managing director in Marcus & Millichap’s Cleveland office, marketed the property on behalf of the seller, a limited liability company, and procured the buyer as well. 

“In conjunction with our ability to identify and articulate value and provide financing, it resulted in a smooth transaction for both parties with the hotel selling with an in-place project cap rate below 5% with an attractive future ROI for the buyers after execution of a new business plan,” said Duong. 

Holiday Inn Express & Suites Cleveland – Streetsboro is located at 9459 OH-14 in Streetsboro, a Cleveland suburb. The hotel was constructed in 1999 and will continue operating as a Holiday Inn Express after completion of a new renovation.   


Inside The Story

Marcus & Millichap's Duong

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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