Cleveland Arcade


Cleveland ArcadeToday’s Photo: Cleveland Arcade

Today’s photo is of the old Cleveland Arcade. The Arcade was originally financed by John D. Rockefeller and it was modeled on Milan’s Galleria Vittorio Emanuele II. This property was recently sold at auction to Toronto-based Skyline International Development Inc.

Here is a little of what Skyline had to say about their purchase – “The property was acquired by Skyline at auction for $7.7 million after previous owners invested $70 million in acquiring and restoring the Arcade, including converting office towers to the hotel, and then defaulted on a mortgage.

Skyline CEO Michael Sneyd, who has been involved in and monitoring the American market for 15 years, views this destination community and lodging company’s first U.S. acquisition as another major milestone with five key factors. He said, “It’s the right time for Skyline to expand beyond Ontario and Canada. The Cleveland Arcade is the kind of mixed-use, legacy property where Skyline has expertise. It was an exceptional deal. It’s a well-known hotel and Cleveland is a relatively nearby destination for us, and a city that’s definitely on the move.”

Company Founder and President Gil Blutrich cites the combination of over $2 billion in public and private investment that will see a new convention center, medical mart and the Horseshoe Casino all open in downtown Cleveland by 2013, plus discussions around improving the city’s transportation infrastructure, as compelling reasons to invest there now.

“Cleveland is already filled with outstanding architecture, internationally famous chefs, top attractions like the Rock and Roll Hall of Fame and sporting facilities. With these new additions Cleveland is poised to become a big regional draw for both meeting and leisure travelers,” Blutrich said.”

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Today’s Quote: “ People who are unable to motivate themselves must be content with mediocrity, no matter how impressive their other talents”. – Andrew Carnegie

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