Author Topic: Cleveland: Hotel Development (Read 64076 times)

Mov2Ohio · « **Reply #210 on:** May 11, 2012, 01:48:26 AM »

^I will say I do like the design of the Ahuja Medical Center, but of course not its huge set back. I get what you're saying though, you'd like to see more of a street connection, or neighborhood feel even if the development is in the suburbs,

AJ93 · « **Reply #211 on:** May 11, 2012, 02:25:24 AM »

To the Goldberg's credit, I don't think the Chagrin Highlands was their first choice. I looked at the deal when they were proposing putting it on the corner of Richmond & Chagrin, but, as willyboy mentioned, they ran against some zoning issues. Like it or not, that area is a very popular hotel destination for business travellers, and the Aloft will be a nice complement to what's already offered. I agree the specific location is pretty bland (the Marriott there feels just creepy...I put my folks there once when they visited and they never wanted to go back), but the general region is a good spot for Aloft.

Clueless,Ohio · « **Reply #212 on:** May 16, 2012, 11:39:50 AM »

Concrete barriers are now around the former Crown Plaza

mrclifton88 · « **Reply #213 on:** May 16, 2012, 01:23:33 PM »

This needs to start NOW. That building is hideous

Clueless,Ohio · « **Reply #214 on:** May 22, 2012, 02:14:42 AM »

Quote from: tedders55 on April 30, 2012, 04:17:14 AM

Quote from: KJP on April 28, 2012, 02:29:25 AM
Quote from: ClevelandOhio on April 27, 2012, 04:30:36 PM
^ Oh wow! Those awnings NEED to return!

I suspect they were removed for the exterior cleaning. Now that the cleaning is long since completed, I agree that they need to be brought back.

They are still doing some restorative work on the outside of the building, especially the PS side. I think until that is completed they wont be back. Not sure if the Superior side is finished or not, but I don't think so.

Seeing this from the PS side this weekend as a casino visitor really made me wish that they had some kind of banners on the Renaissance explaining that restoration work was in process. We pretty much all know that but, of course, someone form out-of-town, or a local unfamiliar with downtown, might look at it and interpret the situation wrongly. It really is in a "shambles" state right now (including the Superior side to some extent). It doesnt bother me because I love the fact that it is getting restored.
The cornices were replaced a couple years ago, as was some lower window ornamentation. Now, they have everything in between.
The 100th anniversary is in 2018 (i believe). It should be well done before that.

Clueless,Ohio · « **Reply #215 on:** June 05, 2012, 01:34:08 AM »

Quote from: Clevecane on March 26, 2012, 01:45:55 PM

Does that mean that they're finally going to remove that tacky blue awning?!?!

I hear ya but no.
They did update the awning but it is still blue.

Clevecane · « **Reply #216 on:** June 06, 2012, 07:07:08 AM »

^hmmm.... Not sure how I feel about that answer.... I guess we'll see tonight when I head to the Leader Building

tedders55 · « **Reply #217 on:** June 06, 2012, 07:53:40 AM »

The Holiday Inn Express awning is still blue, but they have added planters around the entrance so the awning is no longer the most notable feature. That is at least a small win.

They also replaced the old sign that was on the East side of the building. But while the sign is vertical, the lettering is does not read top to bottom. Instead it is as if the sign should have been placed horizontally. Not bad, but after looking at he old style out of my office window every day this is going to take some getting used to.

FYI, on thie website for the hotel

Announcements

Completely renovated hotel featuring a new contemporary design. The Holiday Inn Express & Suites Cleveland Downtown is now accepting reservations for arrivals after June 21, 2012.

Clueless,Ohio · « **Reply #218 on:** June 06, 2012, 10:12:07 AM »

Quote from: tedders55 on June 06, 2012, 07:53:40 AM

They also replaced the old sign that was on the East side of the building. But while the sign is vertical, the lettering is does not read top to bottom. Instead it is as if the sign should have been placed horizontally. Not bad, but after looking at he old style out of my office window every day this is going to take some getting used to.

That sign's gonna have to come down. Evidently it says "Hoilday Inn Express". Yes, "Hoil"

Clueless,Ohio · « **Reply #219 on:** June 06, 2012, 10:40:49 PM »

Sign's fixed.

jborger · « **Reply #220 on:** June 08, 2012, 04:52:47 AM »

They also put a bench on the sidewalk next to the main entrance of Euclid. Not a major thing, but people sitting there on their lunch break gives more life to the street.

mrclifton88 · « **Reply #221 on:** June 12, 2012, 01:21:25 PM »

Scaffolding starting to go up on the soon to be Westin!

mrnyc · « **Reply #222 on:** June 17, 2012, 10:00:57 AM »

anyone know whats up with the hotel conversion of the cac (cle athletic club)?

originaljbw · « **Reply #223 on:** June 18, 2012, 02:59:19 AM »

The Courtyard by Marriott marches on!

EDIT: taptalk's photo sharing skills have let me down.

Clueless,Ohio · « **Reply #224 on:** June 18, 2012, 10:26:51 AM »

Thanks, I took some pictures of this too, at the end of last week.
A small portion is indicative of some part of the facade...

ClevelandOhio · « **Reply #225 on:** June 18, 2012, 10:53:03 AM »

Wow awesome. Thanks!

New World Techno Boy · « **Reply #226 on:** July 03, 2012, 12:36:50 PM »

My office window directly faces this project, so I'm watching it very closely... there was a flurry of activity in early June, when the sidewalk barricades and some scaffolding went up. A few dumpsters of garbage were hauled away. Several trees along the frontage were removed. However, about two weeks ago, ALL activity at the site ceased - I've not seen a single person/vehicle at the work site. After seeing similar projects stalled for years and years, this makes me a bit paranoid. Perhaps this is just a normal work delay...

Clueless,Ohio · « **Reply #227 on:** July 04, 2012, 02:46:35 AM »

^The Westin, correct?

New World Techno Boy · « **Reply #228 on:** July 04, 2012, 10:13:01 AM »

Clueless,Ohio - Correct, I am referring to the Westin Project on the NE corner of East 6th/St. Clair...

Clueless,Ohio · « **Reply #229 on:** July 05, 2012, 12:33:31 AM »

Thankyou
Hopefully they're back soon.

surfohio · « **Reply #230 on:** July 05, 2012, 01:56:51 AM »

Hate to be the bearer of bad news. Financing fell through on Westin.

However, I understand that Marous has invested so much on this project, that there is no way they're going to just let it go.

Quote from: New World Techno Boy on July 03, 2012, 12:36:50 PM

My office window directly faces this project, so I'm watching it very closely... there was a flurry of activity in early June, when the sidewalk barricades and some scaffolding went up. A few dumpsters of garbage were hauled away. Several trees along the frontage were removed. However, about two weeks ago, ALL activity at the site ceased - I've not seen a single person/vehicle at the work site. After seeing similar projects stalled for years and years, this makes me a bit paranoid. Perhaps this is just a normal work delay...

ClevelandOhio · « **Reply #231 on:** July 05, 2012, 04:11:54 AM »

Quote from: surfohio on July 05, 2012, 01:56:51 AM

Hate to be the bearer of bad news. Financing fell through on Westin.

However, I understand that Marous has invested so much on this project, that there is no way they're going to just let it go.

Quote from: New World Techno Boy on July 03, 2012, 12:36:50 PM
My office window directly faces this project, so I'm watching it very closely... there was a flurry of activity in early June, when the sidewalk barricades and some scaffolding went up. A few dumpsters of garbage were hauled away. Several trees along the frontage were removed. However, about two weeks ago, ALL activity at the site ceased - I've not seen a single person/vehicle at the work site. After seeing similar projects stalled for years and years, this makes me a bit paranoid. Perhaps this is just a normal work delay...

WTF!

mrclifton88 · « **Reply #232 on:** July 05, 2012, 04:50:17 AM »

Oh boy... Anyone have more detail??? Between this and Schofield we are having a lot of hotel financing issues...

327 · « **Reply #233 on:** July 05, 2012, 04:53:57 AM »

And unfortunately, what we really need is one large one.

lewarctj · « **Reply #234 on:** July 05, 2012, 04:57:44 AM »

hotels are really hard to finance right now. Unlike office which tenants are on long-term leases and apartments which are annual leases - Hotels are completely reliant on business travel and leisure - both which are heavily affected by the economy. Bank's now want upwards of 50% equity into the deal - and appraisers are very conservative in their valuation. You end up with market values less then costs - and hard to find 50% equity for a hotel.

KJP · « **Reply #235 on:** July 05, 2012, 04:59:36 AM »

Can we get confirmation? Why would renovations start without financing in place?

Hts121 · « **Reply #236 on:** July 05, 2012, 05:36:30 AM »

Surf - are you sure you are not mixing up the financing issues with the Schoefield project? Has anything been made public about the financing falling through?..... or are you just relying on your sources for that info?

surfohio · « **Reply #237 on:** July 05, 2012, 05:43:53 AM »

Quote from: Hts121 on July 05, 2012, 05:36:30 AM

Surf - are you sure you are not mixing up the financing issues with the Schoefield project? Has anything been made public about the financing falling through?..... or are you just relying on your sources for that info?

Nothing public. The guy I talked to is extremely confident that the builder, Marous, will complete this project.

heightsfan · « **Reply #238 on:** July 05, 2012, 09:26:57 AM »

I'm pretty certain the developer closed on the Westin financing, at least that's what the papers had reported. In any event, Westin's website lists the Cleveland property as opening July 1, 2013. Also, I could be wrong, but I don't think Marous is the developer; it's an investor group comprised of Sage Hospitality and Optima Ventures, who hired Marous as their general contractor. So when you say Marous has invested so much in the project they aren't going to let it go, I'm not sure what you mean.

Klingaling87 · « **Reply #239 on:** July 05, 2012, 12:01:09 PM »

Hi everyone. First I'd like to briefly introduce myself - I've been reading this site for three years now and finally decided to get an account. I'm an urban junkie and will admit I'm completely obsessed with Cleveland. I also work for a large CM firm in town and am active in the construction industry here in CLE.

As far as the Westin goes, I know someone heavily involved in this project and he stated that Optima (the developer) stopped the project because they were not comfortable using money from the Cleveland International Fund. I asked him if he thought the project would go under and he said no. Optima has apparently told the banks that they will guarantee the loan, and as stated above, there are other parties who have too much into the project to pull out

KJP · « **Reply #240 on:** July 05, 2012, 12:12:25 PM »

Klingaling87, thanks for breaking radio silence! And welcome to the forum in your new, interactive role! As a recovering journalist, I personally appreciate someone in-the-know who is willing to speak up to keep a rumor from taking on a life of its own.

Klingaling87 · « **Reply #241 on:** July 06, 2012, 12:42:14 AM »

Quote from: KJP on July 05, 2012, 12:12:25 PM

Klingaling87, thanks for breaking radio silence! And welcome to the forum in your new, interactive role! As a recovering journalist, I personally appreciate someone in-the-know who is willing to speak up to keep a rumor from taking on a life of its own.

Thanks KJP! I look forward to any insight I can (hopefully) provide, and knowledge I can gain from everyone here.

Htsguy · « **Reply #242 on:** July 06, 2012, 03:34:02 AM »

Klingaline....I echo KJP comments and again thanks for the inside information. The primary reason I visit the board (and REAL news has been far and few lately).

Now that leaves a very important open question. Why were the owners uncomfortable with the Cleveland International Fund? Is it due to their past issue or is it something new?

Klingaling87 · « **Reply #243 on:** July 06, 2012, 07:02:09 AM »

Quote from: Htsguy on July 06, 2012, 03:34:02 AM

Klingaline....I echo KJP comments and again thanks for the inside information. The primary reason I visit the board (and REAL news has been far and few lately).

Now that leaves a very important open question. Why were the owners uncomfortable with the Cleveland International Fund? Is it due to their past issue or is it something new?

Thanks Htsguy. It was my understanding that a lot of it had to do with the indictment of the former head of the Cleveland International Fund. I wish I was involved in this project and knew more, but this is all I got from the person I spoke with.

mrnyc · « **Reply #244 on:** July 06, 2012, 03:38:21 PM »

Quote from: lewarctj on July 05, 2012, 04:57:44 AM

hotels are really hard to finance right now. Unlike office which tenants are on long-term leases and apartments which are annual leases - Hotels are completely reliant on business travel and leisure - both which are heavily affected by the economy. Bank's now want upwards of 50% equity into the deal - and appraisers are very conservative in their valuation. You end up with market values less then costs - and hard to find 50% equity for a hotel.

seems like mixed use is the way out of that for the developers, no??
ie., offices/apts/hotel mix?

News:

Author Topic: Cleveland: Hotel Development (Read 64076 times)