Investment Overview

Marcus & Millichap is pleased to present an exclusive investment opportunity for the Hampton Inn Cleveland – Westlake. The four-story, 120-room, Hilton Worldwide-branded property is located at 29690 Detroit Road in Westlake, Ohio. This modern asset is ideally positioned within the vibrant Cleveland-Elyria Metropolitan Statistical Area (MSA), offering excellent accessibility via Interstate 90 and close proximity to key demand generators such as Crocker Park (0.3 miles) and Cleveland Hopkins International Airport (12.5 miles). The hotel’s amenities include a state-of-the-art fitness center, a welcoming breakfast area, and ample guest parking, catering to both business and leisure travelers. Its prime location in Westlake, a dynamic suburban hub just 15 miles from downtown Cleveland, makes this property a highly desirable investment opportunity. The Cleveland Airport/Westlake submarket in Cleveland, Ohio, recorded an 8.2% annual increase in Revenue Per Available Room (RevPAR) for upper midscale hotels. This sets the hotel within a dynamic and thriving submarket, establishing a strong foundation for increased topline revenue and likely enhanced property valuation. The Cleveland-Elyria Metropolitan Statistical Area (MSA) consists of five northeastern Ohio counties, including Cuyahoga, Lake, Lorain, Medina, and Geauga. With a population of over 2.1 million residents, it is the largest metro area in northern Ohio and a key economic driver for the state. The MSA’s economy is anchored by industries such as healthcare, advanced manufacturing, finance, education, and technology. Suburban areas like Westlake, Strongsville, Elyria, and Beachwood contribute to the region’s growth, offering additional demand for hotels. Strategically located on the southern shores of Lake Erie, Cleveland Elyria benefits from its proximity to cities like Columbus, Pittsburgh, and Detroit, all within a two- to threehour drive, making it a critical hub for commerce and travel. Westlake’s strategic location provides seamless connectivity to major transportation routes in the Cleveland-Elyria Metropolitan Statistical Area (MSA). Interstate 90 runs directly through Westlake, connecting it to downtown Cleveland to the east and destinations like Toledo and Chicago to the west. Interstate 480 and Interstate 71 are also easily accessible, providing north-south and east-west travel options. The city’s proximity to Cleveland Hopkins International Airport, just 20 minutes away, further enhances its accessibility for business and leisure travelers. Westlake boasts a thriving economy supported by a mix of corporate offices, healthcare facilities, and retail developments. The city is home to major employers such as Hyland Software (1.8 miles), a leader in enterprise content management solutions, Nordson Corporation (a company that designs and manufactures dispensing equipment, and UH St. John Medical Center (2.0 miles), part of University Hospitals, a key healthcare provider in the area. Crocker Park (0.3 miles), a premier lifestyle center, attracts shoppers while also housing numerous office spaces, creating demand for businessrelated travel and accommodations. Additionally, located just 15 miles from downtown Cleveland, Westlake benefits from easy access to the city’s major employers, including the Cleveland Clinic (19.8 miles), University Hospitals, Sherwin-Williams Global Headquarters (16.5 miles), and KeyBank (16.9 miles). The healthcare sector, especially Cleveland Clinic’s global reputation, attracts patients, professionals, and conferences. Westlake’s proximity to top higher education institutions such as Case Western Reserve University (19.8 miles), Cleveland State University (17.1 miles), and John Carroll University (23.7 miles) further enhances its appeal, drawing students, faculty, and visitors year-round. Westlake benefits from its proximity to prestigious educational institutions in the Cleveland-Elyria MSA, including Case Western Reserve University, Cleveland State University, John Carroll University, Baldwin Wallace University (10.6 miles), the Cleveland Institute of Art (20.4 miles), and the Cleveland Institute of Music (20.4 miles). These institutions draw students, faculty, and visitors to the area, contributing to a steady flow of activity. The city’s highly rated school district further enhances its appeal to families and professionals relocating to the region. Events and activities tied to these universities and colleges contribute to consistent demand for local hotels. Healthcare also plays a significant role in driving hotel demand, with UH St. John Medical Center offering top-tier medical services and attracting patients and families from across the region. Additionally, Westlake’s location within the Cleveland healthcare ecosystem, including the Cleveland Clinic and University Hospitals, ensures a steady flow of medical professionals and conference attendees. Westlake offers a rich mix of attractions, amenities, and events that draw visitors year-round. Crocker Park (0.3 miles), a key destination in the city, combines retail, dining, entertainment, office spaces, and residential units. Located near the shores of Lake Erie, Westlake also provides opportunities for boating, fishing, and scenic recreation, with the Rocky River Reservation (7.5 miles) nearby for hiking trails and deer sightings. Local parks and annual events, such as the Westlake Music Festival and summer farmer’s markets, further enhance the city’s appeal for leisure travelers. Additionally, visitors can easily explore nearby Cleveland attractions like the Rock & Roll Hall of Fame (18.9 miles) and the Cleveland Museum of Art (19.9 miles), world-renowned cultural landmarks that draw millions of visitors annually. Sports enthusiasts also benefit from Westlake’s proximity to Cleveland’s major sports teams, including the Cleveland Browns (NFL) - Huntington Bank Field (19.3 miles), Cleveland Guardians (MLB) - Progressive Field (16.0 miles), and Cleveland Cavaliers (NBA) - Rocket Mortgage Fieldhouse (15.9 miles), all within a 20-mile drive. With easy access to highways and transportation hubs, Westlake is a convenient lodging option for visitors attending regional sporting events, tournaments, and exploring Cleveland’s vibrant arts, culture, and sports scenes. The Cleveland MSA is experiencing significant economic growth, supported by revitalization efforts and major investments. The Sherwin-Williams global headquarters, currently under construction, is expected to bring substantial economic benefits upon completion in 2025. Development projects like the Opportunity Corridor, connecting downtown to the city’s east side, aim to enhance access to underutilized areas and spur business growth. Additionally, investments in renewable energy, such as the Lake Erie Wind Project, position Cleveland as a leader in sustainable development. These initiatives not only elevate Cleveland’s economic standing but also indirectly benefit Westlake. As Cleveland attracts new businesses, conferences, and travelers, Westlake’s hotels are well-positioned to accommodate overflow demand.