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Economy and Business


Is Cleveland's hotel space nearing the saturation point?
Cleveland's largest hotel may be on market and others coming soon
by WKSU's MARK URYCKI


Senior Reporter
Mark Urycki
 
The Renaissance Hotel Cleveland at Terminal Tower is an anchor along with the Ritz Hotel at Tower City. The Key Tower (L) houses a Marriot hotel.
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In The Region:

Cleveland’s hotel market has been heating up as the city’s medical mart and convention center open for business. The Hong Kong company that owns the 500 room Renaissance Cleveland Hotel is reportedly looking for buyers.   And new hotels are opening or being planned. WKSU’s Mark Urycki reports it does raise questions about how many hotel beds are enough for the city.

Cleveland hotels in a growth period

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Cleveland officials are in Washington presenting their case to bring the Republican National Convention to town and the number one requirement they’ll need to meet is an adequate number of hotel beds. It looks good now that a half dozen major hotels have been proposed, adding as many as 1,000 rooms to the central city.

The president of the Lakewood consulting firm Hotel & Leisure Advisors, says Cleveland’s new convention center and medical mart will need to draw enough people to keep all the hotels happy. But David Sangree says more rooms mean larger conventions.  

“In Columbus, they’ve been very successful. They opened the new Hilton in Columbus and the downtown occupancy level did not really decline.  So they were able to absorb the new Hilton because it allowed them to attract bigger conventions.”

Cleveland’s hotel occupancy rate topped 61 percent last year, a big improvement from recent recession years when it dropped to as low as 50 percent. Sangree says most large real estate investment firms would not be interested in hotels in medium-sized cities like Cleveland.  But he says an historic hotel the caliber of the Renaissance might attract them. He added that any new owners would no doubt spend money to renovate it. 

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