SG 10550 Ohio Cleveland Middleburg Heights Branded Hotel

$4,350,000 for Ohio Cleveland Middleburg Heights Branded Hotel Business & Property. The hotel is trending to do $1.55 million this year.  Star reports are available upon request for qualified buyers with NDA.  As a previous brand the hotel averaged $1.2 million without being remodeled.  The property just reopened in Nov. '23. It had been closed due to Covid & difficulty finding staff.  There are 106 rooms total. The seller was only operating 41 rooms (Building A) of the total 106 rooms.  The seller has invested $800,000 into property remodeling.  The property is fully PIP'd (Property Improvement Plan).  The ADR has been averaging around $60.  However when the Women's Final Four comes to town the Hotel books 106 rooms at $299 per night.  The seller kept Building B closed during the winter month.  Some of the $800,000 in capital improvements are the remodeling of every single room in the property with the exception of 15 – 18 rooms with a cost of $5k/room.  Roof – brand new on both buildings $150k+.  80% of  PTAC units are new and the common maintenance areas have been updated.  The seller is selling because he lives out of state & the hotel is several hours from his home.  Great Location in an upscale area of Cleveland minutes from the Airport and close proximity to major highways.  This property can be converted to apartment units.  Bank financing possible.  Profitable operation.  Seller motivated and willing to make the right deal with the right owner operator.  Please “do not disturb the employees” and call The Saleh Group - RE/MAX Preferred Group for more information and showings or visit us online.