The Holiday Inn Cleveland Northeast – Mentor in Ohio was sold in a deal brokered by Laurel Real Estate Co. Other terms and conditions were not disclosed.
The hotel was acquired by a new ownership group that plans to continue operating the property. Columbus, Ohio-based Laurel Real Estate Co. represented the seller in the transaction. Additional terms of the sale were not disclosed.
The hotel is located along the Interstate 90 corridor about 25 miles northeast of downtown Cleveland. The Mentor market is home to more than 1,700 businesses employing more than 59,000 people, including major employers such as STERIS and Avery Dennison. Leisure demand is driven in part by Lake Erie, Headlands Beach State Park and other attractions in Lake County.
“This was a particularly complex transaction that required a high level of coordination among everyone involved,” Lauren D'Souza-Faze, vp of Laurel Real Estate Co., said in a statement.
“The Mentor lodging market is attractive because it isn't dependent on any single source of demand. Business travelers, healthcare-related travel, advanced manufacturing and leisure visitors all contribute to the market's performance, creating balanced demand that appeals to hospitality investors,” added Errol D'Souza, president of Laurel Real Estate Co.