Hotel Deals Happening, Even in Cleveland

We’ve heard this story before, and I’ve probably written it, but it really does feel like the hotel transaction market is back. Not only are trophy assets trading, but at least anecdotally, smaller properties and even distressed hotels in markets outside the top 10 and even 25 are being bought and sold.

Just yesterday, the Cleveland Plain Dealer reported Sage Hospitality and Optima Ventures had agreed to buy the aging 472-room Crowne Plaza in Cleveland. It’s not the kind of deal that will send shock waves across the industry, but if deals are happening in Cleveland, that has to be a good sign for the rest of the country.