Recent Transactions

Hotels

Former Lake Erie Lodge Hotel, 24800 Euclid Avenue, Euclid, Ohio 44117

Former Lake Erie Lodge Hotel, 24800 Euclid Avenue, Euclid, Ohio 44117Green Bridge Real Estate is pleased to announce the sale of the 154 Room Former Lake Erie Lodge Hotel located on 6.09 Acres at 24800 Euclid Avenue in Euclid Ohio to Nuru International Hotels LLC headquartered in Surrey, England. The property successfully sold and transferred, February 17, 2017 for $240,000 or 96% of the offering price. The three story building is approximately 90,000 Sq.Ft. that was built in 1957 as a luxurious hotel. The Hotel fell under tough times and was closed and mothballed in 2013. The property is in desperate need of a renovation with layers of the the once grandiose Hotel structure beginning to erode away. The sale also stops the recent Cuyahoga County Tax foreclosure proceeding that was looming over the property. "This was such a remarkable facility during its Hay Day." said Matthew King principal of Green Bridge Real Estate and Real Estate broker in this sale. "I received numerous inquiries from past patrons, sophisticated developers, housing developers, community groups, hotel developers and other businesses from across the country. I am glad the property has sold to the right development group and soon will be restored back to its glory."

"This hotel will be portraying the highest caliber of customer service, comfort and style in the Euclid area" said Mr. Mcclymont. CEO of Nuru Hotels International which is a subsidiary of Lashmont Group. It plans to offer 150 high end and fully refurbished rooms along with, bar and restaurant, ball rooms and many conference areas for corporate and wedding functions and a Fitness center named Nuru Health. The fitness center will encompass a fully fledged pool, gym, and sauna and steam room. Membership program will be opened to the general public for those who are not staying at the hotel itself.

Myles Mcclymont stated that the underlying goal of Lashmont Group is community development and thus plans to indulge in local employment for staffing and without a doubt wants to work with the municipals and building control officials in the region.

The prospective vision of Nuru Hotels International is to target all corporate and wedding business in the surrounding area along with those travelling on the interstate 90. Nuru hopes to be the number one provider for weddings; as we will have one of the largest wedding venues in Euclid. Nuru plans to expand its chain aggressively to others areas in America within the next coming years. The grand opening of Nuru Cleveland East is within the next 12 months and the CEO is ecstatic about it.

The property is ideally situated near I-90 on the busy Euclid Avenue corridor with several large apartment complexes within the immediate area and located near Lincoln Electric’s Euclid plant.

Green Bridge Associates during their careers, have been involved in over $11,000,000 in Hotel / Motel transactions totaling over 600 Hotel / Motel rooms throughout Ohio. Please contact a Green Bridge Associate for more specific details.*

*These transactions occurred while our advisors were working at another Cleveland based Real Estate brokerage firm.