Optima, Sage Hospitality Buy Cleveland Crowne Plaza, Will Convert to Westin
From The Cleveland Plain Dealer:
Optima, Sage Hospitality Buy Cleveland Crowne Plaza, Will Convert to Westin
Downtown Cleveland's second-largest hotel will close next month and be converted into a four-star Westin. An investor group closed a deal late Wednesday to buy the Crowne Plaza Cleveland City Centre from defunct financial-services giant Lehman Brothers Holdings Inc. Optima Ventures and Sage Hospitality paid $9 million cash for the 472-room hotel and parking garage, at 777. St. Clair Ave. In November, the partners will start a $64.5 million overhaul of the building, a money-losing property in need of dramatic renovations. Click here for the full story.
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