Jacobs Real Estate Services Sells Acreage in Avon for New Marriott Hotel
- Oct 08, 2013
A new hotel will open in Avon next year. Westlake-based Jacobs Real Estate Services, an independent affiliate of The Richard E. Jacobs Group, announced on Oct. 1 that it has agreed to sell a 4.27-acre site on Just Imagine Drive to Emerald Hospitality Associates Inc. and Nimbus Investment Fund. The price of the transaction was not disclosed.
Emerald Hospitality, a hotel operator and developer also based in Westlake, plans to build a 110- to 125-room, Marriott-branded hotel on the site. It will sit adjacent to the Cleveland Clinic Richard E. Jacobs Health Center and will include a 5,000-square-foot conference center. A groundbreaking date has not yet been announced, but the hotel is expected to open in fall 2014.
The new hotel is just the first step of a larger, 132-acre, master-planned development known as Avon Place. It will include a mix of offices, hotels, restaurants, medical facilities and other related developments. Jacobs Real Estate Services said it will announce two more signed land sale agreements for Avon Place in the coming weeks.
“We are excited to be bringing a Marriott-branded hotel to complement the highly successful Cleveland Clinic facility,” James Eppele, executive vice president at Jacobs Real Estate Services, said in a statement for the press. “Emerald Hospitality’s expertise in developing and managing first-class select-service hotels is a perfect fit with the type of development we intend to bring to Avon Place.”
Marcus & Millichap Real Estate Investment Services reports that the hotel industry is on an upward trajectory that shows no signs of imminent weakening in the Midwest region, a region consisting of Illinois, Indiana, Michigan, Ohio and Wisconsin. And as the economy gains momentum in the area, the hotel sector is expected to further prosper. Ohio’s new casinos and the oil and gas activity in the Utica Shale region are providing new demand generators.
Charts courtesy of Marcus & Millichap Real Estate Investment Services.