ValueXpress arranged a $3-million CMBS conduit first-mortgage loan utilized to purchase a 64-room Best Western Inn & Suites located at the Cleveland, Ohio Airport. The property was constructed in 1997 and renovated in 2014.
The Best Western Cleveland Airport is located 20 minutes from Downtown Cleveland in proximity to many diverse business generators, including IX Convention Center, General Motors Plant, Ford Motor Company, NASA Research Center and Cleveland Zoo. Cleveland, home of LeBron James and the Rock and Roll Hall of Fame, has been nominated as the Host City for the 2016 Republican National Convention, which will bring hundreds of millions of dollars to the local economy and positively impact the hotel due to increased visitors to the city.
The property is three stories, interior corridor with 51 rooms and 13 suites. It has an indoor pool, business center, ice machine, dry clean valet service, as well as free amenities such as breakfast, Wi-Fi, safety deposit box, and newspaper. The hotel has the following room amenities: flat-screen TV, clock radio, table and chair, hair dryer, iron/ironing board, direct dial phone, coffee maker, microwave, refrigerator.
“The sponsor is a long-time client of ValueXpress as this is the fourth transaction completed over the past 24 months. It was imperative that the transaction close without a hitch to maintain this very important relationship,” said Michael D. Sneden, Executive Vice President of ValueXpress. “I am thankful our investment banking partner performed so well on yet-another transaction.”