The hotel, which will be managed by Concord Hospitality, is a generational asset located in Downtown Cleveland near major attractions, corporate offices and is focused on sports, leisure, and business travelers, according to the company. The hotel is a healthy cash generating asset that is being acquired at a prudent equity value. Spark GHC plans to significantly upgrade this asset with a multimillion-dollar capital improvement plan.
Spark GHC is a joint venture between Spark Hotels, a developer, acquirer and operator of Ohio-based hospitality assets, and Green Harvest Capital, an asset manager of Northeast Ohio-based multifamily assets.
“[The acquisition] is a testament to our relationships in the hospitality industry, capability to be nimble and strategic in a fast-shifting debt/equity landscape, and our ability to execute complex buy-sell transactions,” said Amit Patel, Spark Hotels president.
Spark Hotels COO Bhavesh Lad said, “We are ready to make this hotel the premier select-service asset in Downtown Cleveland. We have already started coordinating with Hilton and third-party contractors to tour the facilities and finalize bids for our multimillion-dollar capital improvement plan.”
Bhavin Patel, GHC principal, said, “This is the first of many hospitality acquisitions for this joint venture. We are seeing significant opportunities to acquire value add assets in today’s volatile market. We have three more assets under contract and another three in the pipeline.”
Tags: Amit Patel, Bhavesh Lad, Bhavin Patel, Green Harvest Capital, Hampton Inn by Hilton – Downtown Cleveland, Spark GHC, Spark Hotels
