CHICAGO—Arbor Lodging Partners, a fully integrated owner and operator of hotels, has acquired through an affiliate, the Staybridge Suites Cleveland/Mayfield Heights in Mayfield Heights, OH.
NVN Hotels, an affiliate of Arbor, will manage the 123-room, upscale, extended-stay hotel. The property is accessible to the academic medical center of the Cleveland Clinic. Amenities include fully equipped kitchens, deck-side pool and buffet area.
“We know that convenience, comfort and quality are all important to corporate travelers and other types of long-term guests,” said Vamsi Bonthala, CEO, Arbor Lodging Partners. “This location aligns perfectly with our goal to invest in high-quality, well-located properties that hold long-term economic promise.”
“This investment was a great fit for us because the strong brand positioning and low volatility align well with our yield-investing strategy,” said Arbor Lodging Partners Principal Sheenal Patel, also CEO of NVN Hotels. “We plan to implement a comprehensive capital expenditure plan, which will significantly upgrade the guestrooms, public areas and the exterior.”