TORONTO — Skyline International Development Inc. announced on Aug. 12 that it has reached an agreement with a company controlled by CTF Holdings Limited to buy the Renaissance Hotel in downtown Cleveland, Ohio, for almost $20 million USD.
Built in 1918, the 491-room hotel covers nearly one million square feet, which includes 15,000 square feet of penthouse space, 68,000 square feet of meeting space, several restaurants, 10,000 square feet of commercial space and a parkade accommodating 304 vehicles.
This is Skyline's third U.S. acquisition and second in Cleveland, and follows the 2011 purchase of the Hyatt Regency Cleveland.
Building on the past owner's renovation investment of $60 million, Skyline will continue its tradition of restoring and revitalizing legacy properties.
Skyline won the bid to purchase the Renaissance property over three other hotel operators. Currently managed by Marriott Corporate, the hotel is scheduled for a multi-million-dollar renovation once the deal closes in October.
Handling the transaction is Jones Lang LaSalle.