Developers Start Work on Luxury Aloft Hotel in Beachwood
- Oct 22, 2012
BGL Real Estate Advisors, a subsidiary of Brown Gibbons Lang & Co., and Cleveland real estate developer Scott Berkowitz broke ground on Monday, Oct. 15, on a luxury aloft hotel at the Chagrin Highlands corporate center in Beachwood. It will be the second aloft hotel in the Cleveland area. In May 2013, an aloft hotel is expected to open in Cleveland’s downtown.
Mayor Merle Gorden, together with other members of the community, joined Berkowitz at the groundbreaking ceremony. The new Aloft hotel is a ”vision of W Brand Hotels,” he said. Starwood Hotels and Resorts Worldwide Inc. calls the upscale, hip, urban-inspired select-service hotels its ”style at a steal” brand.
The new hotel is being developed on a nearly four-acre site near Eaton Corp.’s new headquarters and University Hospitals’ Ahuja Medical Center. According to land records, the developers paid $1.6 million for the property. The hotel will include 135 rooms and stand four stories high when it opens, anticipated in the third quarter of 2013.
US Bank financed the project. Pride One Construction is the general contractor, with Mann Architects as the project’s architect. Jeff Wild, partner at Benesch, Friedlander, Coplan & Aronoff, served as legal counsel, while Nico Bolzan, director, and Jeffrey Steck, vice president, led the BGL Real Estate Advisors transaction team. St. Louis-based Midas Hospitality was selected by the developers to manage the hotel.
Berkowitz first looked to BGL Real Estate Advisors to secure both the debt and equity for the project. But the company found the project so interesting, it formed a partnership with Berkowitz and now they are working together as co-developers. “After hearing about the project and then seeing the location, we knew it was a special business opportunity,” Michael Gibbons, senior managing director & principal at Brown Gibbons Lang & Co., said in a release.
Photo credit: www.facebook.com/alofthotels.