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Forest City sells hotel for $36.5 million
Rock Ohio Caesars, developer of Cleveland’s first casino, said it is buying The Ritz-Carlton, Cleveland, and an attached five-story office building in downtown Cleveland. The 205-room hotel and 119,000 sq. ft. office space are adjacent to Horseshoe Casino Cleveland, which is being developed by joint venture partners Rock Gaming LLC and Caesars Entertainment Corp.
“Adding a luxury hotel and additional casino-support space to our portfolio of companies here is a meaningful opportunity for us as we prepare to open Ohio's first urban casino in the heart of Cleveland,” said Nate Forbes, a principal of Rock Gaming.
Casino construction is underway inside the former Higbee Building, and the gaming site is expected to open in March 2012. Rock Ohio Caesars will exercise its option to purchase The Ritz-Carlton for $36.5 million, and has acquired a note at auction securing the 250 Huron Road building.
Both properties have been owned by Cleveland real estate developer Forest City Enterprises. David J. LaRue, Forest City’s president and ceo, said The Ritz-Carlton is “a non-core asset for Forest City. Our strategic focus is on our core office, apartment and retail property types, and in our primary core markets including New York, Washington D.C., Boston, Denver and California.”
The hotel will remain a Ritz-Carlton under a long-term management contract.
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