
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.
- ◦Sale/Acquisition