Glenmont Acquires Radisson Hotel Cleveland-Gateway to Be Rebranded as Hotel Indigo Following Comprehensive $7 Million Renovation

USA, New York City, New York. April 08, 2019

Glenmont Capital Management, LLC, founded in 2000 by Lawrence A. Kestin, a New York-based real estate private equity fund manager announced the off-market acquisition of the Radisson Hotel Cleveland-Gateway. The 143 key hotel features a business center, fitness center, approximately 3,500SF of meeting space and the Gateway Bar and Grill. The hotel, located at 651 Huron Road, benefits from an A+ location, ideally situated among the Cleveland CBD's 14.9 million square feet and is the closest accommodation to both Quicken Loans Arena and Progressive Field.

The Hotel will initially operate under the Intercontinental Hotel Group system and under the name Hotel Cleveland Gateway, and will undergo a comprehensive $7 million renovation, including guest rooms, meeting space and public areas. Upon completion, the hotel will be rebranded and repositioned as a Hotel Indigo, an upper upscale branded boutique within the IHG system.

"We continue to believe there exists today compelling select development, redevelopment and repositioning opportunities in US markets" said Mr. Kestin. "The combination of inherent investment factors, including a favorable per key purchase price, the irreplaceable A+ location in the center of Downtown Cleveland and our rebranding and repositioning strategy, presented a compelling investment opportunity rarely found in today's markets."

The hotel will be managed by Pyramid Hotel Group with which Glenmont has enjoyed a long-term relationship.

Related News

Choose a Social Network!

The social network you are looking for is not available.

Close
Coming up in June 2019...

Sales & Marketing: Selling Experiences

There are innumerable strategies that Hotel Sales and Marketing Directors employ to find, engage and entice guests to their property, and those strategies are constantly evolving. A breakthrough technology, pioneering platform, or even a simple algorithm update can cause new trends to emerge and upend the best laid plans. Sales and marketing departments must remain agile so they can adapt to the ever changing digital landscape. As an example, the popularity of virtual reality is on the rise, as 360 interactive technologies become more mainstream. Chatbots and artificial intelligence are also poised to become the next big things, as they take guest personalization to a whole new level. But one sales and marketing trend that is currently resulting in major benefits for hotels is experiential marketing - the effort to deliver an experience to potential guests. Mainly this is accomplished through the creative use of video and images, and by utilizing what has become known as User Generated Content. By sharing actual personal content (videos and pictures) from satisfied guests who have experienced the delights of a property, prospective guests can more easily imagine themselves having the same experience. Similarly, Hotel Generated Content is equally important. Hotels are more than beds and effective video presentations can tell a compelling story - a story about what makes the hotel appealing and unique. A video walk-through of rooms is essential, as are video tours in different areas of a hotel. The goal is to highlight what makes the property exceptional, but also to show real people having real fun - an experience that prospective guests can have too. The June Hotel Business Review will report on some of these issues and strategies, and examine how some sales and marketing professionals are integrating them into their operations.