January 3, 2012
Toronto-based Skyline International Development Inc. has bought the hotel, restaurants and shops of the historic Cleveland Arcade, which also feature a 10-year-old, 293-room Hyatt Regency.
Skyline acquired the property at auction for $7.7-million USD after previous owners invested $70-million USD in buying and restoring the Arcade, including converting office towers to the hotel, and then defaulted on the mortgage.
“Cleveland is a relatively nearby destination for us, and a city that’s definitely on the move,” said Skyline CEO Michael Sneyd.
Company founder and president Gil Blutrich cites the combination of over $2-billion USD in public and private investment that will see a new convention centre, medical mart and the Horseshoe Casino all open in downtown Cleveland by 2013, plus discussions around improving the city’s transportation infrastructure, as compelling reasons to invest there.
Visit Skyline’s site