K&D Group Acquires Embassy Suites Cleveland-Downtown
CLEVELAND, OH, December 15, 2005. The K&D Group, a local real estate company, has acquired its first hotel, the 268-suite Embassy Suites Hotel Cleveland-Downtown, from FelCor Lodging Trust for $5.2 million.
K&D, whose principals are Karen Harrison and Doug Price, already own a 23-story apartment building adjacent to the hotel.
The new owners plan to invest $6 million in upgrading the nine-year-old hotel. Renovations should be completed by mid-2006.
The hotel includes 10,000 square feet of meeting space as well as a restaurant and lounge.
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