Alchemy Completes CMBS Receivership Sale of Courtyard and TownePlace Suites Cleveland Westlake
Highly active private investor acquires distressed dual-hotel portfolio for value-add repositioning
Alchemy Real Estate Advisors has completed the CMBS receivership sale of the Courtyard Cleveland Westlake and TownePlace Suites by Marriott Cleveland Westlake in Westlake, Ohio. Alchemy represented the court-appointed receiver in the disposition of the dual-hotel portfolio.
The hotels were distressed and required a sophisticated investor with the capital and conviction to execute a comprehensive repositioning. The buyer is a highly active private investor focused on acquiring hotels east of the Mississippi River, with a track record of pursuing complex, heavy value-add opportunities.
The hotels are located in the suburban Cleveland community of Westlake. The location affords convenient access to downtown Cleveland, regional transportation infrastructure, and a diverse mix of corporate and leisure demand drivers. The buyer plans to invest significant capital to stabilize and improve the assets’ performance.
“This sale is a clear example of how we help our clients navigate complex receivership assignments and unlock value,” said Joe Cuomo, Principal at Alchemy Real Estate Advisors. These hotels had been taken to market previously in recent years and had not sold. “We were able to deliver a successful outcome for the CMBS Trust by reframing the opportunity as a compelling value-add play and engaging our network of special situation buyers. Our team continues to see sophisticated private capital step in on these core Midwest markets to recapitalize and reposition underperforming hotels, and we remain bullish on the region and forward-looking growth prospects.”
Alchemy leveraged its specialized experience in CMBS and receivership assignments to design a targeted marketing process that reached a deep bench of investors focused on distressed and special situation hospitality deals. Despite the volatility in the current capital markets environment and the operational challenges at the properties, the process generated strong investor engagement and a successful closing for the receiver.
Contact Bennett Webster at (312) 339-3698 or [email protected] to discuss upcoming assignments, valuation needs, or portfolio strategies.
