Tampa, Fla. (March 6, 2014) – The Plasencia Group is pleased to announce the sale of a 563-key portfolio of four Residence Inn properties in the greater Cleveland, Ohio region. The portfolio consists of the 174-key Residence Inn Downtown, the 175-key Residence Inn Beachwood, the 96-key Residence Inn Mentor, and the 118-key Residence Inn Independence. The firm exclusively represented Moreland Management Company in the sale of the properties to an affiliate of Noble Investment Group of Atlanta, Georgia.
According to Rich Conti, Senior Managing Director of The Plasencia Group, “The acquisition of four Residence Inns in key submarkets of the Cleveland Metro Area will enable Noble Investment Group to control the extended-stay landscape with what is considered the premium brand in this market segment.” Cleveland-based Midwest Region Senior Vice President Russ Valentine was also instrumental in the success of the transaction.
The four Residence Inns are well-differentiated within their individual markets and are uniquely positioned to capture corporate, leisure and extended-stay demand. The markets in which the hotels are located have economies exhibiting strong growth, comprised in part by corporate headquarters, manufacturing facilities and service sector companies.
“Our Midwest Team did an excellent job of executing this portfolio transaction on behalf of Moreland. We have now successfully completed the sale of nearly thirty hotel portfolios across North America,” said Chief Executive Officer Lou Plasencia. He added, “The interest we continue to see from domestic and foreign investors in acquiring bulk assets at this point in the economic cycle is simply remarkable.”