TORONTO — Skyline International Development Inc. has bought the historic Renaissance Hotel in downtown Cleveland for just under US$20 million. Skyline won the purchase bid over three other major hotel operators to acquire the property, which is slated for a multi-million-dollar renovation once the deal closes in October.
Built in 1918, the 491-room hotel complex, currently managed by Marriott Corporation, covers almost one million square feet, which includes 15,000 square feet of penthouse space, 68,000 square feet of state-of-the-art meeting space, several restaurants, 10,000 square feet of commercial space and a 304 spot parkade.
This is Skyline’s third U.S. acquisition — the first being the Hyatt Regency Cleveland at The Arcade, purchased in 2011. “Throughout our near 20-year history, Skyline has made substantial investments into other historic hotels and resorts and we will do the same with this acquisition,” says Skyline’s president and chairman Gil Blutrich. “We will renovate this landmark hotel by instituting our world-class asset management strategy, maximizing client retention and applying our management expertise to streamline operations, cut waste and provide a superior level of customer service.”