$7M in financing for Hampton Inn Cleveland Airport secured


Holliday Fenoglio Fowler, L.P. has secured $7 million in financing for the Hampton Inn Cleveland Airport-Tiedeman Road, an 81-room, select-service property in the Cleveland suburb of Brooklyn, Ohio, according to rejournals.com.

HFF worked on behalf of the borrower, Everest Hospitality LLC, an affiliate of the C/N Group, to place the 10-year, fixed-rate loan with Starwood Mortgage Capital. Loan proceeds will be used to acquire the property and complete renovations.

Located at 10305 Cascade Crossing, Hampton Inn Cleveland Airport-Tiedeman Road is four miles east of Cleveland Hopkins International Airport, the largest airport in Ohio, and 10.6 miles west of downtown Cleveland.

From 2011 to 2014, the hotel underwent almost $500,000 in renovations, including a new lobby, carpet and upgrades to cooling, Wi-Fi and security systems. Features include an indoor pool, fitness center, business center and 1,128 square feet of meeting space.

The HFF debt placement team representing the borrower was led by associate director Jason Bond and managing director Daniel Kaufman.

Virtual Event

HOTEL OPTIMIZATION PART 2 | Now Available On-Demand

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

Suggested Articles

Service Properties Trust, Host Hotels & Resorts, Caesars Entertainment and Vici Properties have completed multimillion-dollar hotel deals.

Serving as an attractive alternative to traditional financing arrangements, hotel sale-leasebacks may offer a solution for many businesses. 

In its SEC prospectus summary, the company acknowledged it might not be able to achieve profitability.