Skyline International Development Inc. has reached an agreement with a company controlled by CTF Holdings Limited to buy the historic Renaissance Hotel in downtown Cleveland, Ohio for just under $20 million USD. The property is currently managed by Marriott Corporation.
This is the Toronto-based company’s third U.S. acquisition and second in Cleveland. It purchased the Hyatt Regency Cleveland at The Arcade in 2011.
Built in 1918, the Renaissance Cleveland complex covers nearly one million square feet, which includes 491 rooms; 15,000 square feet of penthouse space; 68,000 square feet of meeting space; several restaurants; 10,000 square feet of commercial space; and a 304-car parkade.
Skyline won the purchase bid over three other major hotel operators. The property is slated for a multi-million-dollar renovation once the deal closes in October 2015.
Skyline’s president and chairman Gil Blutrich said, “Throughout our near 20-year history, Skyline has made substantial investments into other historic hotels and resorts and we will do the same with this acquisition. We will renovate this landmark hotel, by instituting our world-class asset management strategy, maximizing client retention and applying our management expertise to streamline operations, cut waste and provide a superior level of customer service.”
Skyline’s CEO Michael Sneyd explains that the purchase of the Renaissance represents another strategic acquisition of a legacy hotel that has yet to realize its full potential in a high-traffic urbanized area with changing demographics. “Our goal is not to rebrand or reposition the hotel – there is tremendous value behind its heritage and we want to not only preserve that, but to convert it into an efficiently run enterprise that will meet our aggressive short- and long-term goals in occupancy and customer satisfaction.”
Added Blutrich, “Skyline will own the two most historic properties in Cleveland’s downtown core. For the past 97 years, the Renaissance has truly been Cleveland’s grand hotel. Skyline is fully committed to bringing this architectural gem back to where it was decades ago. We are doing just that with the Cleveland Arcade and the Hyatt Regency just across the street, and we will do it again with this hotel.”