Spark GHC, a private real estate joint venture focused on hospitality assets in the midwestern U.S., has acquired the Hampton Inn by Hilton – Downtown Cleveland.
The Hampton Inn by Hilton – Downtown Cleveland is located in the heart of downtown Cleveland near attractions and corporate offices and is focused on sports, leisure and business travelers. Spark GHC aims to upgrade this asset with a multi-million capital improvement plan. The deal looks to provide a footprint for the joint venture in the downtown market and adds Hilton to its existing portfolio alongside Marriott and IHG brands. Spark GHC is a joint venture between Spark Hotels, a developer, acquirer and operator of Ohio-based hospitality assets, and Green Harvest Capital, an asset manager of northeast Ohio-based multi-family assets.
“This is the 1st of many hospitality acquisitions for this joint venture. We are seeing significant opportunities to acquire value add assets in today’s volatile market,” comments Bhavesh Lad, Spark Hotels COO. We have three more assets under contract and another three in the pipeline.”