Proposed buyer of Renaissance, Hyatt hotels in Cleveland pulls out of deal – cleveland.com

Proposed buyer of Renaissance, Hyatt hotels in Cleveland pulls out of deal – cleveland.com

CLEVELAND, Ohio — Two downtown Cleveland resorts will Not get new house owners after The client cancelled the deal.

In December Toronto-based mostly VM Lodge Acquisition Corp introduced It’d buy the 491-room Renaissance Cleveland Lodge and the 293-room Hyatt Regency Arcade. However on Monday it said It Will not proceed with The acquisition.

The agency said in a press launch that It’d pull out “As a Outcome of of capital market volatility Launched on by current world occasions.”

Each resorts are owned by Skyline Investments, one other agency based mostly in Toronto, Canada. Chief Monetary Officer Rob Waxman conagencyed Tuesday that VM Lodge Acquisition Corp pulled out of the sale, but Might not remark past that.

He said the renovations of the Renaissance Cleveland Lodge are already underway And might proceed.

Skyline purchased the Hyatt out of foreclosures in 2012 for Greater than $7.6 million. It purchased the Renaissance three years later for $18.15 million.

The agency is current process a $70 million renovation of the century-previous Renaissance, Which inagencys rebranding …….

Source: https://www.cleveland.com/realestate-news/2022/05/proposed-buyer-of-renaissance-hyatt-hotels-in-cleveland-pulls-out-of-deal.html

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