GLENMONT ACQUIRES DOWNTOWN CLEVELAND HOTEL TO BE REBRANDED TO A BOUTIQUE HOTEL INDIGO AFTER A COMPREHENSIVE $7 MILLION RENOVATION

GLENMONT ACQUIRES DOWNTOWN CLEVELAND HOTEL TO BE REBRANDED TO A BOUTIQUE HOTEL INDIGO AFTER A COMPREHENSIVE $7 MILLION RENOVATION

Glenmont Capital Management, LLC, founded in 2000 by Lawrence A. Kestin, a New York-based real estate private equity fund manager, announced the off-market acquisition of the Radisson Hotel Cleveland-Gateway. The 143 key hotel features a business center, fitness center, approximately 3,500SF of meeting space and the Gateway Bar and Grill. The hotel, located at 651 Huron Road, benefits from an A+ location, ideally situated among Cleveland CBD’s 14.9 million square feet and is the closest accommodation to both Quicken Loans Arena and Progressive Field.

The Hotel will initially operate under the Intercontinental Hotel Group system and under the name Hotel Cleveland Gateway, and will undergo a comprehensive $7 million renovation, including guest rooms, meeting space and public areas. Upon completion, the hotel will be rebranded and repositioned as a Hotel Indigo, an upper upscale branded boutique within the IHG system.

"We continue to believe there exists today compelling select development, redevelopment and repositioning opportunities in US markets” said Mr. Kestin. “The combination of inherent investment factors, including a favorable per key purchase price, the irreplaceable A+ location in the center of Downtown Cleveland and our rebranding and repositioning strategy, presented a compelling investment opportunity rarely found in today’s markets."

The hotel will be managed by Pyramid Hotel Group with which Glenmont has enjoyed a long-term relationship.

About Glenmont Capital Management

Glenmont Capital Management, LLC, founded in 2000 by Lawrence A. Kestin, is a New York-based real estate private equity fund manager focused on middle market real estate investments throughout the United States. Glenmont targets middle market turnaround situations and select new development investments in strong secondary cities with outstanding economic and demographic growth which offer the best long-term prospects. Glenmont manages a series of closed-end, institutionally-backed investment funds and direct investment vehicles.

For more information about Glenmont, please visit www.glenmontcapital.com

About Pyramid Hotel Group

Established in 1999, Pyramid Hotel Group is a leading privately-owned, full-service hotel and resort company based in Boston which manages more than 100 hotels and possesses a successful track record of over 250 hotel conversions.

For more information about Pyramid, please visit www.pyramidhotelgroup.com

March 2019