Cincinnati Office of Molinaro Koger Sells Hilton Hotel Cleveland South
CLEVELAND, OH, December 9, 2005. Molinaro Koger announced today their role as advisor to an undisclosed client, in the sale of the Hilton Hotel Cleveland South, to Twin Tier Hospitality of Sayre, Pennsylvania. The full-service 191-room hotel is located minutes from downtown Cleveland, in Independence, one of the city's most affluent suburbs. The property will undergo a complete renovation and be converted to a DoubleTree Hotel following the sale.
"Twin Tier was attracted by the hotel's solid market performance, with a 108% RevPAR yield, the presence of the area's only Shula's Steakhouse in the hotel, and the potential to expand both hotel and restaurant locations," commented Terry O'Brien, Managing Director of Molinaro Koger's Cincinnati office, who marketed the property and structured the transaction.
"The hotel has an excellent location in one of the strongest suburban hotel markets in the Midwest, close to Xerox, Cleveland Clinic and Cleveland Hopkins International Airport," continued Mr. O'Brien. "The hotel site includes more than nine acres, allowing for expansion of the hotel as well as potential development of other real estate projects in this prime market."
In addition to Shula's Two Steakhouse restaurant, the full-service facilities of the Hilton Hotel Cleveland South include more than 10,000 square feet of meeting space, an indoor/outdoor swimming pool, fitness facility and oversized guestrooms.
For further information about this transaction and current listings, please contact Molinaro Koger at 703.760.9600 or via www.mkhotels.com.
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