Hotel Online  Special Report


The Plasencia Group Arranges Sale of
Premier Hilton Hotel in East Cleveland

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CHICAGO, IL – November 1, 2007 - The Plasencia Group, Inc. announced that it served as exclusive advisor to Hilton Hotels Corporation on the sale of the Hilton Cleveland-East in Beachwood, OH.  The purchaser was Twin Tier Hospitality of Sayre, PA.  Terms of the transaction, which closed yesterday, were not disclosed. 

“We are delighted to have found as capable an investor as Twin Tier for this asset, which has been a true mainstay in the greater Cleveland market over the years,” said Rich Niedbala, senior regional vice president for The Plasencia Group’s Midwest region. 

The 404-room hotel, located in the thriving corporate locale of suburban Beachwood, will be managed by Twin Tier and operated under a franchise agreement with Hilton.  The property had previously been managed by Hilton Hotels Corp.  As the largest hotel in the market, the Hilton Cleveland-East features recently renovated guestrooms, over 16,000 square feet of refurbished meeting space, and the most expansive selection of amenities and services in the surrounding area.  Developed during the 1970s, the property operated as a Marriott Hotel until its purchase and conversion to a Hilton in 2001.

The purchase of the Hilton Cleveland-East by Twin Tier marks the company’s fourth hotel acquisition in the Cleveland market in the past three years, two of which were handled by The Plasencia Group.    The newly acquired hotel, located on Cleveland’s Eastside, rounds out Twin Tier’s purchases in each of the four distinct Cleveland geographic real estate markets: Westside, Airport, Independence, and Eastside. 

"The Cleveland market has been very good for us,” commented Satish Duggal, president of Twin Tier. “With the acquisition of the full service Hilton, we can serve all segments of our customers in four important geographic areas." 

Niedbala, senior regional vice president of The Plasencia Group’s Midwest Regional office in Chicago, served as the principal advisor to Hilton on the transaction. 
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About The Plasencia Group, Inc. 
Founded in 1993, The Plasencia Group is a national hospitality investment advisory firm with offices across the country.  In conjunction with its affiliates, Regent Street for distinctive hotels and resorts and Sun Hospitality Advisors for limited- and select-service properties, The Plasencia Group provides personalized investment opportunities and services to owners of hotels, resorts, and golf courses throughout the United States, Canada, and the Caribbean.   The Plasencia Group offers a full range of value-added solutions, including portfolio and large asset transactions, property valuation analyses, debt and equity placement, hotel development and  management advisory services, financial and strategic planning, and proprietary industry research.  Information available at www.TPGhotels.com
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Contact:

Rich Niedbala
Senior Regional Vice President, Midwest Region
(630) 845-0310
rniedbala@TPGhotels.com

Karen Brand
Vice President, Marketing
The Plasencia Group
 kbrand@TPGhotels.com
203.202.4549

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Also See: The Plasencia Group Advises on Sale of Hilton Garden Inn Cupertino (CA) / July 2007
The Plasencia Group Retained by Lane Hospitality for Investment Advisory Assignment / May 2007
The Plasencia Group, Inc. Announces New Hotel Debt Placement Division; Stephen Kindl Named Managing Director / November 2006
The Plasencia Group, Inc. Advises MeriStar Hospitality Corporation In the Sale of Seven Florida Assets / February 2006
The Plasencia Group Expands Sun Hospitality Advisors Division With San Francisco Office / January 2006
Plasencia Group, Inc. Offers Aggressive Lodging Investment Roadmap for 2006 / January 2006
The Plasencia Group, Inc. Advises Islandia Associates, LTD in Sale of Hyatt Regency Islandia Hotel / Jnauary 2006
The Plasencia Group, Inc. Advises Thayer Lodging Group on the Sale of Eight Properties to Pyramid Hotel Advisors, LLC Properties Combine Geographic Diversity, Performance and Growth Potential / July 2005
Robert C. O'Leary Named Vice President of the The Plasencia Group's Sun Hospitality Division / March 2005
The Plasencia Group Is Exclusive Marketing Advisor on Sale of Long Beach Hilton / January 2005
The Plasencia Group Appoints Brian K. Rodgers as Senior Associate, Western Region / Aug 2004
The Plasencia Group Appoints Stephen Kindl as Regional Vice President for the Northeast / July 2004
The Plasencia Group Advises on the Sale of the San Jose Wyndham / July 2004
The Plasencia Group Advises on the Sale of the Marriott Irvine, Orange County, California / June 2004
The Plasencia Group Appoints Eric M. Holtze as Director of Financial Analysis / June 2004
The Plasencia Group Launches Sunbelt Hospitality, Led by Robert Wiemer in Houston / March 2004
The Plasencia Group Advises on the Sale of Interest in the Don Cesar Beach Resort / December 2003
The Plasencia Group Advises on the Sale of the Hilton Garden Inn, Ybor City, Tampa / Sept 2003
The Plasencia Group Appoints Jessica L. Corcoran Director of Marketing and Business Development / Aug 2003


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