Chicago-based Arbor Lodgings Partners has acquired the 123-room Staybridge Suites Cleveland Hotel in Mayfield Heights, Ohio, the US.
Staybridge Suites hotel was acquired for $12m from the Landerhaven Executive Centre Limited Partnership, a local investor group led by Vern Fuller.
NVN Hotels, an affiliate of Arbor Lodgings Partners, will operate the Staybridge Suites Hotel.
Located in Landerbrook Corporate Park, the hotel is close to companies such as Parker Hannifin, Philips Medical, and Rockwell Automation, as wel as the academic medical centre of the Cleveland Clinic.
Arbor Lodging Partners chief executive officer Vamsi Bonthala said: "We know that convenience, comfort and quality are all important to corporate travellers and other types of long-term guests."
"This location aligns perfectly with our goal to invest in high-quality, well-located properties that hold long-term economic promise."
Fuller was quoted by Crain’s Cleveland Business as saying: "As owners, we’re happy with the appreciation of our investment. We’re happy the hotel has been so successful.
"Because of its success the past couple of years, we were able to sell at a margin to reward our investors and get out of the business at a time we think it’s good to get out."
The hotel’s amenities include a deck-side pool and buffet area.
The Staybridge Suites Hotel in Mayfield Heights is the first property owned by Arbor in Ohio.
NVN Hotels CEO Sheenal Patel said: "This investment was a great fit for us because the strong brand positioning and low volatility align well with our yield-investing strategy.
"We plan to implement a comprehensive capital expenditure plan, which will significantly upgrade the guestrooms, public areas and the exterior."
Established in 2005, Arbor owns a portfolio of 19 hotels.
In October 2015, Arbor acquired the 217-room Hotel Phillips in downtown Kansas City, Missouri, the US.
Image: The 123-room Staybridge Suites Cleveland Hotel is located in Mayfield Heights, Ohio. Photo: Courtesy of Arbor Lodging Partners/Prnewswire.com.