Premier Hilton Hotel in East Cleveland
|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.
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.
|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|