Downtown Cleveland Embassy Suites hotel converting to apartments
Copyright 2011 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 10/14/2012
CLEVELAND - Downtown Cleveland, where Ohio's first casino opened in May, is gaining 232 apartments but at the cost of a hotel and its 100 jobs.
The developer K&D Group of Willoughby plans to close the Embassy Suites hotel in December and convert the space to apartments like the rest of its high-rise building.
The 252-suite hotel slid into foreclosure in November.
K&D bought out the mortgage and landed financing for a $3 million apartment makeover. K&D is the largest private owner of apartments in northeast Ohio.
K&D CEO Doug Price says the hotel was not profitable despite a two-thirds occupancy rate.
Downtown Cleveland apartments are thriving, with an occupancy rate approaching 97 percent.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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