A hotel located minutes from the Southwest General Medical Center and Cleveland Hopkins International Airport has traded in an $8.75 million deal.

Crowne Plaza Cleveland Airport, a five-story, 238-room hotel in Middleburg Heights, sold for nearly $37,000 per key.

According to CoStar information, the buyer was HKB Hotel Group, a Georgia-based company that currently manages more than 2,500 rooms across multiple brands.

“The transaction had its difficulties due to the current lending environment after the impacts of Covid-19," Scott J. Havericak, an investment specialist in Marcus & Millichap’s Fort Lauderdale, Florida, office, said in a release. "We were able to procure an out-of-area buyer, who saw the opportunity in the market and the property."

Built in 1978, the hotel at 7230 Engle Road has been affiliated with multiple franchises over the years, though the new owner plans to operate the hotel as a Crowne Plaza indefinitely, Marcus & Millichap said. The property includes the Tavolo 72 restaurant, about 16,000 square feet of meeting space and an indoor pool and sauna.

Robert S. Hunter and Scott J. Havericak of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, and procured the buyer. Michael Glass, senior vice president and broker of record in Ohio, assisted in closing this transaction.

Please see CoStar COMPS #5852635 for more information.