TORONTO — The Toronto-based Skyline lodging company has acquired the hotel, restaurants and shops of the historic Cleveland Arcade — its first American property — for US$7.7 million at auction.
The landmark complex, which was built in 1890, features the 10-year-old, 293-room Hyatt Regency hotel, which will continue to be managed by Hyatt at Hyatt Regency.
This comes at a time of rejuvenation in downtown Cleveland where a new convention centre, medial mart and casino are slated to open in 2013. “Cleveland is already filled with outstanding architecture, internationally famous chefs, top attractions like the Rock and Roll Hall of Fame and sporting facilities. With these new additions Cleveland is poised to become a big regional draw for both meeting and leisure travellers,” said Gil Blutrich, Skyline founder and president.
Blutrich and his team plan to re-position the property’s shopping mall, investing in it as well as the hotel.
Skyline has asset management interest in Toronto’s Le Méridien King Edward, Deerhurst Resort in Huntsville, Ont., and Horseshoe Resort in Barrie, Ont., among others.