Travelers to the Cleveland area may see some changes in local lodging. The Marriott Hotel near the Cleveland Hopkins International Airport will be auctioned off later this month.
The property will be available for sale Feb. 24 to 26 in an online auction through RealInsite.com, where bidding starts at $1 million. It last changed hands in March 2019 at a sheriff’s auction following foreclosure. At that time, the 372-room hotel sold for $13 million. CBRE Hotels is handling the listing.
The property underwent major renovations in 2008 and 2009, along with other improvements in more recent years, said CBRE Hotels Senior Vice President Eric Belfrage.
“It’s currently operated as a Marriott and in very good condition, however it is in need of a little bit of a refresh,” Belfrage said.
A new owner would have the option to terminate the operating agreement with Marriott after the completion of the current brand property improvement plan. Once that clause is fulfilled, the listing says a new owner “would be free to pursue alternate brand affiliation and conversion.”
The hotel is currently owned by 4277 West 150th Street Holdings LLC, which is choosing to auction it off rather than pursue a standard sale.
“They’d like to complete that sale more quickly than a traditional sale would allow,” Belfrage said.
The Marriott’s location, near the Cleveland airport and the I-X Center, presents an opportunity to attract business, he said.
Cuyahoga County values the hotel at more than $18.3 million. The auction listing says the hotel had an occupancy of roughly 45 percent when it was surveyed in December.
Tours of the property are available on select dates leading up to the auction.
Copyright 2021 90.3 WCPN ideastream. To see more, visit . 9(MDA5NTM4MTIyMDE0MTg3NDc2MTVlZjdmNQ001))