CHICAGO, Jan. 25, 2016 — Arbor Lodging Partners ("Arbor"), a leading fully integrated owner and operator of hotels, announced today that, through an affiliate, it has acquired the Staybridge Suites Cleveland/Mayfield Heights in Mayfield Heights, Ohio, a 123-room upscale extended-stay hotel. NVN Hotels, an affiliate of Arbor, will manage the hotel.
Located within the prestigious Landerbrook Corporate Park in Cleveland's desirable Mayfield Heights suburb, major companies like Parker Hannifin, Philips Medical, and Rockwell Automation are just a stone's throw away. The property is also convenient for visitors to the academic medical center of the Cleveland Clinic.
Light and airy suites, together with modern amenities like fully equipped kitchens, provide an in-demand offering to nearby corporations and leisure travelers alike. With inviting common areas that include a deck-side pool and buffet area, guests have a chance to enjoy the benefit of community when they return from a day on the job in Mayfield Heights, Beachwood, Cleveland, and other nearby communities — or upon return from visits to the Rock and Roll Hall of Fame or other Cleveland-area attractions.
"We know that convenience, comfort and quality are all important to corporate travelers and other types of long-term guests," comments Vamsi Bonthala, chief executive officer of Arbor Lodging Partners. "This location aligns perfectly with our goal to invest in high-quality, well-located properties that hold long-term economic promise."
"This investment was a great fit for us because the strong brand positioning and low volatility align well with our yield-investing strategy," added Arbor Lodging Partners principal Sheenal Patel, also CEO of NVN Hotels. "We plan to implement a comprehensive capital expenditure plan, which will significantly upgrade the guestrooms, public areas and the exterior."
