Sage Buys Ohio Resort and Meetings Center for $15.5M
NEWARK, OH, October 13, 2005. Sage Hospitality Resources LLC has acquired a high-profile resort and conference center here for $15.5 million. WPH Cherry Valley LLC, an affiliate of Denver-based Sage Hospitality Resources LLC, an investor and manager of hotels, bought the 200-room Cherry Valley Lodge on October 7. Its plans for the Licking County property aren't being disclosed, according to a report in the Columbus Business First newspaper.
The property provides "great upside potential" according to Michael Murray, Sage's svp/operations.
WPH Cherry Valley received up to $30 million in financing from Milwaukee, WI-based Marshall and Ilsley Bank. That suggests the newest landlord has plenty of cash available to redevelop the property, the Columbus paper said.
Stephen Larsen, a former operator of the property, told Business First earlier that the complex cost $24 million to develop and generated gross receipts of more than $10 million in 2004, when the resort recorded 64% occupancy.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
