Ramada Cleveland Independence | Just off I-77 5300 Rockside Rd 178 Hotel Rooms Online Auction Sale Independence, OH 44131
INVESTMENT HIGHLIGHTS
- Valuable five-story, 178-room hotel exceptionally situated over a spacious 6.53-acre lot with ample parking right off I-77 in Independence, Ohio.
- Incredible value-add opportunity to acquire an ideally positioned hotel within a thriving submarket, seeing a year-over-year RevPAR increase at 17.6%.
- Hotel offers shuttle service to the CLE Airport which is close to Great Lakes Science Center and Huntington Bank Field, home to the Cleveland Browns.
- Strategically located 1 mile from the major I-77 and I-480 highway interchange with desirable accessibility 8.5 miles south of Downtown Cleveland.
- Features desirable on-site amenities, including meeting rooms, ballrooms, a restaurant, an indoor and outdoor pool, a fitness center, and more.
- Within walking distance of Cleveland Clinic, Independence’s largest employer in the surrounding area, with a generous employee count of about 57,000.
EXECUTIVE SUMMARY
Property tours are available by appointment only. Please contact the broker to schedule.
Prominently located off of Interstate 77 in a suburb of Cleveland, OH, the Ramada Cleveland Independence features 178 rooms, versatile meeting and event spaces, and ample surface parking over an expansive 6.53-acre lot. The well-maintained hotel offers guests and visitors six meeting rooms, two ballrooms, a leased on-site restaurant, an indoor pool, a fitness center, a business center, an outdoor picnic area, and more.
Advantageously situated near the major I-77/I-480 highway interchange, the Ramada Cleveland Independence features excellent visibility within the Independence business district and is just 8.5 miles south of downtown Cleveland.
The Ramada Cleveland Independence is surrounded by a dense population of over 206,000 residents and a daytime workforce of nearly 100,000 employees within a 5-mile radius. The area’s major employers include The Cleveland Clinic, American Greetings, Honeywell, JPMorgan Chase, IBM, and more. The Cleveland Clinic—Independence Family Health Center is within walking distance from the property and employs approximately 57,000 individuals, making it Independence’s largest employer.
The hotel benefits from its positioning within the Cleveland CBD/Independence submarket, which has seen a 17.6% year-over-year RevPAR increase, surpassing the market-wide average at 11.9%. Investors can find tremendous value in the Ramada Cleveland Independence by further enhancing the property with up-to-date, modern finishes.
Prominently located off of Interstate 77 in a suburb of Cleveland, OH, the Ramada Cleveland Independence features 178 rooms, versatile meeting and event spaces, and ample surface parking over an expansive 6.53-acre lot. The well-maintained hotel offers guests and visitors six meeting rooms, two ballrooms, a leased on-site restaurant, an indoor pool, a fitness center, a business center, an outdoor picnic area, and more.
Advantageously situated near the major I-77/I-480 highway interchange, the Ramada Cleveland Independence features excellent visibility within the Independence business district and is just 8.5 miles south of downtown Cleveland.
The Ramada Cleveland Independence is surrounded by a dense population of over 206,000 residents and a daytime workforce of nearly 100,000 employees within a 5-mile radius. The area’s major employers include The Cleveland Clinic, American Greetings, Honeywell, JPMorgan Chase, IBM, and more. The Cleveland Clinic—Independence Family Health Center is within walking distance from the property and employs approximately 57,000 individuals, making it Independence’s largest employer.
The hotel benefits from its positioning within the Cleveland CBD/Independence submarket, which has seen a 17.6% year-over-year RevPAR increase, surpassing the market-wide average at 11.9%. Investors can find tremendous value in the Ramada Cleveland Independence by further enhancing the property with up-to-date, modern finishes.
OFFERING MEMORANDUM Click Here to Access
DATA ROOM Click Here to Access
- Offering Memorandum
- Operating and Financial Statements
- Purchase Agreement
- Title and Insurance
- Third Party Reports
MARKET ANALYTICS Click Here to Access
$99,999
Asset Value
$99,999
12 Month Sales Volume
12 Month Sales Volume
Total
Lowest
Highest
Transactions
999
-
-
Sales Volume
$99,999
$99,999
$99,999
Properties Sold
999
-
-
Transacted Rooms
999
999
999
Average Rooms
999
999
999
9.9%
Market Cap Rate
9.9%
Market Sale Price/Room Change (YOY)
12 Month Sales Price
Average
Lowest
Highest
Market
Cap Rate
9.9%
9.9%
9.9%
9.9%
Sale Price/Room
$99,999
$99,999
$99,999
$99,999
Sale Price
$99,999
$99,999
-
-
Sale vs Asking Price
-9.9%
-9.9%
-9.9%
-
Months to Sale
9.9%
9.9%
9.9%
-
Market Sale Price per Room
Cleveland - OH USA
Market Cap Rate
Cleveland - OH USA
Market Sale Price per Room by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Cap Rate by Class
Luxury & Upper Upscale
Upscale & Upper Midscale
Midscale & Economy
Market Sale Price per Room Distribution
Market Cap Rate Distribution
PROPERTY FACTS
| Sale Type | Investment |
| Sale Condition | Auction Sale |
| Type of Ownership | Fee Simple |
| Property Type | Hospitality |
| Property Subtype | Hotel |
| Building Class | B |
| Lot Size | 6.53 AC |
| Building Size | 122,915 SF |
| No. Rooms | 178 |
| No. Stories | 5 |
| Year Built/Renovated | 1974/2007 |
| Parking Ratio | 2.2/1,000 SF |
| Corridor | Interior |
| Zoning | U-6A |
AMENITIES
- Business Center
- Fitness Center
- Pool
- Restaurant
- Shuttle Service
- On-Site Retail
- High Speed Internet Access
- On-Site Bar
- Meeting Event Space
- Public Access Wifi
ROOM MIX INFORMATION
| DESCRIPTION | NO. ROOMS | DAILY RATE | SF |
|---|---|---|---|
| Suite | 41 | $171.80 CAD | - |
| Guest Room | 137 | $144.09 CAD | - |
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | $1,363,927 CAD | |
| Land Assessment | $940,693 CAD | Total Assessment | $2,304,619 CAD |
ABOUT THE AUCTION PLATFORM
Ten-X Commercial is the leading end-to-end digital transaction platform for commercial real estate. With over $26bn sold, Ten-X’s platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. Ten-X consistently yields trade rates at two times the industry average. Ten-X expedites the entire CRE transaction timeline by enabling brokers and sellers to tap into a digital platform that makes it easy to onboard properties, evaluate the success of complimentary omnichannel marketing campaigns and follow up on the strongest pre-qualified leads. Buyers are precision-matched with properties aligned with their investment goals, with unprecedented access to market analysis and due diligence documents to help them securely acquire properties online, with confidence.
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AUCTION CONTACT
Sophy Cardenas
Contact
Auctioneer License:
Ten-X Commercial, LLC Samantha Corbat RE Brkr REC.2019003563; Ohio Department of Agriculture- Auctioneer Program: Ten-X Commercial, Inc. (Ten-X, Inc.) Auctioneer Corporation 2022000147 Samantha Corbat Auctioneer 2023000126
