Glenmont Capital Management to rebrand Cleveland hotel

Amy Horsfield By Amy Horsfield
12 March 2019 | Updated 12 March 2019

US: Glenmont Capital Management, LLC has announced the off-market acquisition of the Radisson Hotel Cleveland-Gateway.

The 143 key hotel features a business centre, fitness centre, approximately 3,500 square feet of meeting space and the Gateway Bar and Grill. The hotel is located at 651 Huron Road, Cleveland, Ohio. 

The Hotel will initially operate under the Intercontinental Hotel Group (IHG) system and under the name Hotel Cleveland Gateway, and will undergo a comprehensive $7 million (£5 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.

Lawrence A. Kestin, founder of Glenmont Capital Management, said: "We continue to believe there exists today compelling select development, redevelopment and repositioning opportunities in US markets. The combination of inherent investment factors, including a favourable per key purchase price, the irreplaceable A+ location in the centre 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.

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