×

Marketplace Listing - Hospitality

DoubleTree Cleveland Beachwood

3663 Park East Dr, Beachwood, OH 44122

Unlisted

Asking Price:
  • Asset Type
  • Real Estate
  • Property Type
  • Hospitality
  • Hospitality Type
  • Limited Service
  • Number of Rooms
  • 404 Rooms
  • Function Space Area
  • 434,729 Sq Ft

DoubleTree Cleveland Beachwood


JLL’s Hotels & Hospitality Group, as sole and exclusive agent, is pleased to offer for sale the fee simple interest in the 404-room DoubleTree Hotel Cleveland East Beachwood (the “Hotel” or the “Property”) located in the desirable Beachwood suburb approximately 30 minutes east of downtown Cleveland. Beachwood greatly benefits from a variety of entertainment and retail options, a growing employment base, an affluent and highly educated population, one of the most active multi-family submarkets in recent years, and its location off Interstate 271 provides easy access to multiple employment centers. The Hotel is situated in the heart of the Chagrin Corridor, Cleveland’s premier suburban office market boasting the highest rents in the city. It is home to a number of major employers including Eaton Corporation’s corporate headquarters, Cleveland Clinic (primarily administrative/back office support), University Hospitals Ahuja Medical Center, BASF Corporation, SITE Centers Corp. and Tremco, among many others.

A new owner will benefit from the opportunity to acquire a full-service asset with significant cash flow growth potential and superior brand affiliation at a significant discount to replacement cost. Additionally, given the Property’s almost 10 acres of land area, ample frontage along Interstate 271, and excellent visibility from the highway, a new owner, with zoning approval, could convert the Property to a variety of uses, including multi-family, senior living, or comprehensive redevelopment. The Hotel, which was converted from a Hilton to a DoubleTree by Hilton in 2013, has undergone over $3.2 million in renovations since 2014 and is in good condition but would benefit from comprehensive renovations. Due in part to a significant increase in guestroom supply in the market between 2017 and 2019, the Property went into receivership in early 2019. A new hotel owner will have the opportunity to implement a dedicated management team, targeted renovation, and improved sales strategy which, when coupled with no new supply in the local market, should help the Property reclaim market share and improve top line performance. Alternatively, real estate investors should find the ability to add significant value to the Property through potential redevelopment strategies.
 
Download Offering Memorandum

Disclaimer: The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions.

Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace, (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property.

You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.

Unlisted

Asking Price:

Need Help?

Have questions about Marketplace? You can reach us at 800.915.7015 or info@rimarketplace.com.