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Downtown Cleveland hotel converting to apartments

Updated: Sunday, 14 Oct 2012, 2:11 PM EDT
Published : Sunday, 14 Oct 2012, 2:11 PM EDT

CLEVELAND (AP) - Downtown Cleveland, where Ohio's first casino opened in May, is gaining 232 apartments but at the cost of a hotel and its 100 jobs.

The developer K&D Group of Willoughby plans to close the Embassy Suites hotel in December and convert the space to apartments like the rest of its high-rise building.

The 252-suite hotel slid into foreclosure in November.

K&D bought out the mortgage and landed financing for a $3 million apartment makeover. K&D is the largest private owner of apartments in northeast Ohio.

K&D CEO Doug Price tells The Plain Dealer the hotel was not profitable despite a two-thirds occupancy rate.

Downtown Cleveland apartments are thriving, with an occupancy rate approaching 97 percent.

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