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DoubleTree by Hilton 1111 Lakeside Ave E
379 Room Hotel Cleveland, OH 44114 For Sale
Investment Highlights
- Receivership sale for the 379-key Doubletree by Hilton Downtown Cleveland Lakeside
- Property will trade at a steep discount to the total loan exposure of ~$37MM
- Fee Simple interest is offered unencumbered of debt and management
Executive Summary
Fee Simple interest is offered unencumbered of debt and management
Property will trade at a steep discount to the total loan exposure of ~$37MM
Property is available for relicense under the existing Hilton flag or potentially available unencumbered for alternative branding or alternative use
Substantial operational upside in completing the PIP and transitioning the asset out of receiver control
Property Facts
| Sale Type | Investment | No. Rooms | 379 |
| Sale Conditions | Business Value Included | Number of Floors | 17 |
| Property Type | Hospitality | Year Built | 1973 |
| Property Subtype | Hotel | Parking Ratio | 2.49/1,000 SF |
| Building Class | B | Corridor | Interior |
| Lot Size | 1.74 AC | Opportunity Zone |
Yes
|
| Building Size | 120,445 SF |
| Sale Type | Investment |
| Sale Conditions | Business Value Included |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 1.74 AC |
| Building Size | 120,445 SF |
| No. Rooms | 379 |
| Number of Floors | 17 |
| Year Built | 1973 |
| Parking Ratio | 2.49/1,000 SF |
| Corridor | Interior |
| Opportunity Zone |
Yes |
Amenities
- Business Centre
- Fitness Centre
- Pool
- Restaurant
- Shuttle Service
- On-Site Retail
- Meeting Event Space
About 1111 Lakeside Ave E , Cleveland, OH 44114
Walking distance to the Rock N Roll Hall of Fame – host to 600,000 annual visitors and Cleveland’s top tourist destination Walking distance to all three downtown professional sports venues – Rocket Mortgage Fieldhouse, Cleveland Browns Stadium, and Progressive Field – cumulatively accounting for ~220 annual home games Walking distance to the newly renovated 410,000 SF Huntington Convention Center – which saw a 29% increase in convention center booking in 2023 over 2022 The Cleveland hotel market remains a unique counter-cyclical investment with YOY visitors gains of +9% and 2024 forecasts anticipated to outpace 2019 record of 20 million visitors Optimal time to be investing in downtown Cleveland amidst several large-scale redevelopments, including the $3.5B Riverfront Masterplan set to transform 35-acres of downtown waterfront Planning is well underway for the $3B multi-phase redevelopment of Cleveland Hopkins International Airport intended to expand visitor capacity and airline routes
Room Mix Information
| Description | No. Rooms | Daily Rate | SF |
|---|---|---|---|
| Suite | 72 | £208.91 | - |
| Guest Room | 307 | £136.15 | - |
PROPERTY TAXES
| Parcel Number | 102-01-010 | Improvements Assessment | £2,500,734 |
| Land Assessment | £1,059,422 | Total Assessment | £3,560,155 |
PROPERTY TAXES
zoning
| Zoning Code | SI-C6 |
| SI-C6 |
Presented by
DoubleTree by Hilton | 1111 Lakeside Ave E
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