CLEVELAND, Ohio – October 1, 2013 – Jacobs Real Estate Services (JRES) announced today that it has signed an agreement to sell a 4.27-acre site on Just Imagine Drive in Avon, Ohio, to Emerald Hospitality Associates, Inc., in conjunction with its independent affiliate, Nimbus Investment Fund. Emerald plans to develop a 110- to 125-room, Marriott-branded hotel with an attached 5,000-square-foot conference center. The hotel, which will sit adjacent to the Cleveland Clinic Richard E. Jacobs Health Center, is planned to open in fall 2014.
The Marriott-branded hotel kicks off the 132-acre, master-planned development, which will be known as Avon Place. It will include a mix of offices, hotels, restaurants, medical facilities and other related developments. JRES also has two additional signed land sale agreements for Avon Place, which will be announced in the coming weeks.
“We are excited to be bringing a Marriott-branded hotel to complement the highly successful Cleveland Clinic facility,” said James Eppele, executive vice president at JRES. “Emerald Hospitality’s expertise in developing and managing first-class select service hotels is a perfect fit with the type of development we intend to bring to Avon Place.”
About Emerald Hospitality Inc.
Founded in 1999, Emerald Hospitality Associates is a Westlake-based, full-service hotel management and development company that provides a wide range of specialized hospitality industry services to hotel and restaurant investors. Emerald currently operates 21 properties in seven states, consisting primarily of Hilton, Marriott and Hyatt branded products. For more information, visit www.emeraldhospitality.com.
About Jacobs Real Estate Services LLC
Jacobs Real Estate Services provides comprehensive brokerage, leasing and management services for owners of office buildings, specialized-use facilities and mixed-use developments. It is an independent affiliate of The Richard E. Jacobs Group, one of the nation’s premier developers of commercial real estate with more than 50 years’ experience. For more information, visit www.JRESgroup.com.