NEW YORK — 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.