Dream Hotel Group is bringing its flagship brand to the rock and roll capital of the world. Set to open in 2022, the Dream Cleveland will be part of a larger development in the city's historic Masonic Temple, on top of the new TempleLive music venue. The project will be developed by Beaty Capital Group, and construction is expected to begin in early 2021.
When complete, the project will include 207 rooms, several dining and nightlife venues, a fitness center, 100,000 square feet of meeting and event space and on-site parking deck for 400 vehicles—all next to the 2,300-seat theater in Cleveland's Masonic Temple.
"It is exciting to look beyond this recent period of anxiety and uncertainty to bring such an iconic project to Midtown Cleveland," said Beaty Capital Group President Lance Beaty. "As you could imagine, the project has been delayed by recent events, but we feel that it's important for the city of Cleveland, the live music and performing arts, the hospitality industry and the country as a whole to regain confidence and move forward with our lives. We believe this announcement today is an exciting and positive step in that direction."
The Masonic Temple was built in 1921 and was the original residence of the Cleveland Orchestra. The seven-story building, with approximately 226,000 square feet of space, was designed by architects Hubbell and Benes, a prominent Cleveland architecture firm of the period.
Local architectural firm Bialosky is the designer and executive architect for the property, and worked closely with general contractor Cleveland Construction to oversee the initial stabilization and preservation work on the building in 2018. Bialosky's design of the building was inspired by the collective energy of the crowds
Daniel MacDonnell and George Qiao of Cushman & Wakefield are representing Beaty Capital Group on the project positioning and construction financing. "The finished property will be one of the top integrated entertainment-lodging venues in the country," said MacDonnell, a senior managing director at Cushman & Wakefield. "As the overall market continues to recover, exceptional projects such as Dream Cleveland will garner a high level of investor interest and lead the hospitality business into the future."
The news follows that of the recent signings of Dream Las Vegas, Dream San Antonio and five new projects under the company's recently launched By Dream Hotel Group brand. Dream Hotel Group has 16 properties open and another 25 in development worldwide.