Investment Overview

Marcus & Millichap is pleased to present to qualified investors the Hotel RL Cleveland Airport West (‘Hotel’ or ‘Property’) located in North Olmsted, Ohio. The Sonesta-branded Hotel is being offered on a "Request for Offers" basis. Please reach out to the listing agent for more information. This 140-room, six-story hotel is situated at 25070 Country Club Boulevard, North Olmsted, Ohio, conveniently near Interstate 480 and off State Route 17. The property is less than ten miles from Cleveland Hopkins International Airport, the busiest airport in Ohio, which serves approximately 10 million passengers annually. The hotel features a range of amenities including a heated indoor pool (currently listed as temporarily closed), fitness center, business center, vending machines, an airport shuttle, and 3,525 square feet of meeting and event space spread across three unique venues. North Olmsted’s strategic location, just 15 miles from downtown Cleveland within the Cleveland Metropolitan Statistical Area, leverages its proximity to Cleveland’s economic hub while maintaining a robust local economy. This area is driven by a diverse mix of small enterprises and major corporate entities. Notably, Moen Incorporated, a leading plumbing products manufacturer, is headquartered just 0.7 miles from the hotel and employs around 1,200 people. CommutAir, located 1.6 miles away, employs approximately 1,000 individuals. The Great Northern Mall, situated 0.6 miles from the property, is a key retail destination with over 120 retailers and attracts more than 6 million visitors annually. The hotel is also well-positioned near several prestigious higher education institutions. Case Western Reserve University (18.8 miles, enrollment approximately 12,000), Cleveland State University (16 miles, enrollment approximately 14,000), and Baldwin Wallace University (5.4 miles, enrollment approximately 2,700) are all within reach, providing potential accommodation for students, faculty, and visiting families. Healthcare facilities nearby add to the property’s appeal. UH St. John Medical Center, a 190-bed community hospital, is 3.4 miles away, while Cleveland Clinic Fairview Hospital, a 488-bed facility with over 110 years of service, is 6.2 miles from the hotel. Both hospitals attract a significant number of patients, medical professionals, and visitors, creating a steady demand for nearby lodging. The hotel’s location also offers convenient access to major sports venues. Rocket Mortgage FieldHouse (15 miles) hosts the NBA’s Cleveland Cavaliers and the AHL’s Cleveland Monsters, drawing over 2 million visitors annually. Progressive Field (14.7 miles), home to MLB’s Cleveland Guardians, attracts around 1.7 million visitors each year. Cleveland Browns Stadium (16.4 miles), the venue for the NFL’s Cleveland Browns, sees over 1 million visitors annually. The lease on the current Cleveland Brown’s stadium is set to expire after the 2028 season. Currently the city is in the proposal stages of revamping the current stadium or building a brand-new facility with development costs ranging from $1 billion to $2.4 billion dollars. The proximity to these high-traffic venues makes North Olmsted a prime spot for hotel investment. Additionally, the Cuyahoga County Fairgrounds, located 6.4 miles from the property, and Lotus Banquets Cleveland, just 0.7 miles away, bring further event-driven visitor traffic to the area. As part of the Sonesta Brand, Red Lion Hotels offers a legacy of exceptional service and local expertise. With a commitment to delivering memorable stays, Red Lion Hotels provides franchisees with competitive fees, flexible services, and robust revenue potential. As of June 2024, the Cleveland Airport/Westlake hotel submarket has experienced notable growth, with a 6.2 percent annual increase in the twelve-month average RevPAR. This trend suggests promising opportunities for buyers, including increased room revenue, potential for renovation investments, and improved operational efficiency.