February 9, 2017
Tampa, Fla. (February 9, 2017) – The Plasencia Group is pleased to announce that it served in an advisory capacity to The Millennia Companies in its purchase of the 25-story, 403-room Cleveland Marriott Downtown, located in Cleveland, Ohio. The Marriott is a primary component of Key Center, a mixed-use commercial property that is also the tallest building in Ohio. The Plasencia Group will continue to consult on the hotel as an asset manager through its advice & consulting division, TPG Hospitality Advisory Services.
The Plasencia Group’s Senior Managing Director, Rich Conti, led the hotel acquisition advisory effort for The Millennia Companies. Mr. Conti comments, “It has been exciting to be part of this transaction and we anticipate that under our client’s ownership, the hotel will increase its share of group and transient business, in addition to further enhancing the guest experience at the Marriott.”
The Plasencia Group expects that Millennia’s planned capital investments at the property and improved guest amenities, such as access to the full-service fitness center in the former Key Club, part of the Key Center, will appeal to transient guests and group meeting planners alike.
The Plasencia Group has been engaged by The Millennia Companies to provide ongoing asset management services and serve as ownership’s representative at the hotel. Lou Plasencia, Chief Executive Officer, added, “We are pleased to add this prominent Ohio hotel to our portfolio of managed assets. Our team will work with the hotel’s ownership, management and sales and marketing teams to implement strategies and execute on opportunities that will add to the Marriott’s stature as the premier hotel in downtown Cleveland.”
Key Center is a mixed-use commercial property in downtown Cleveland comprised of a 57-story tower with 1.3 million square feet of class A+ office space, the 403-room Marriott, a 10-story historic bank building and a 982-stall attached parking garage.