Recent Transactions

Green Bridge Real Estate is pleased to announce the sale of the Legacy Inn & Suites located in Wadsworth, Ohio (Suburban Cleveland) a 99 Room Hotel located on 4.76 Acres at 810 High Street in Wadsworth Ohio 44281. Sold and Closed Escrow to Rushi LLC for $1,030,000 or $10,404 per key on February 16, 2018. Matthew S. King, CCIM, principal of Green Bridge Real Estate represented the Seller, the Chu Wadsworth Partnership in the sale. Four (4) Total 1 story buildings totaling approximately 29,000 Sq.Ft built in 1974. Retiring Owner directed immediate sale. The Exterior Corridor Legacy Inn & Suites is located on a traffic lighted intersection shared with KFC and Dunkin Donuts located directly off Interstate 76 and OH 94 (Exit 9). 2016 ODOT traffic count of 17,445 cars per day. The room mix consists of 8 Single Rooms, 71 Double Double Rooms and 10 King Rooms. 62 Rooms have been updated with new carpet and paint, coffee maker, hairdryer and Flat Screen TV's. 3 of the 4 roofs have been completed in the last 5 years. The asphalt parking lot was completed in 2017. A large monument sign is located on Interstate 76 and a digital monument sign greets guests at the entrance of the property. An outdoor swimming pool is available to the guests in the summer months and a small meeting room is available onsite.

The property is ideally located near many restaurants and is located approx. halfway between Cleveland and Akron so there is easy access to Akron, Akron Canton Airport, the Canton Pro Football Hall of Fame and Cleveland.

Gross Revenues were $603,897 in 2016 with an average occupancy rate of 41.64% with an ADR of $35.59. The 2016 NOI was shown as $190,246 or a 18.47% cap rate at the sale price of $1,030,000. Revenues are trending upward in 2017 with occupancy at 50.42% with an ADR of $36.62. In 2015 the NOI was approx. $239,260 or a 23.23% cap rate at the sale price.

Green Bridge Real Estate is pleased to announce the sale of the 154 Room Former Lake Erie Lodge Hotel located on 6.09 Acres at 24800 Euclid Avenue in Euclid Ohio to Nuru International Hotels LLC headquartered in Surrey, England. The property successfully sold and transferred, February 17, 2017 for $240,000 or 96% of the offering price. The three story building is approximately 90,000 Sq.Ft. that was built in 1957 as a luxurious hotel. The Hotel fell under tough times and was closed and mothballed in 2013. The property is in desperate need of a renovation with layers of the the once grandiose Hotel structure beginning to erode away. The sale also stops the recent Cuyahoga County Tax foreclosure proceeding that was looming over the property. "This was such a remarkable facility during its Hay Day." said Matthew King principal of Green Bridge Real Estate and Real Estate broker in this sale. "I received numerous inquiries from past patrons, sophisticated developers, housing developers, community groups, hotel developers and other businesses from across the country. I am glad the property has sold to the right development group and soon will be restored back to its glory."

"This hotel will be portraying the highest caliber of customer service, comfort and style in the Euclid area" said Mr. Mcclymont. CEO of Nuru Hotels International which is a subsidiary of Lashmont Group. It plans to offer 150 high end and fully refurbished rooms along with, bar and restaurant, ball rooms and many conference areas for corporate and wedding functions and a Fitness center named Nuru Health. The fitness center will encompass a fully fledged pool, gym, and sauna and steam room. Membership program will be opened to the general public for those who are not staying at the hotel itself.

Myles Mcclymont stated that the underlying goal of Lashmont Group is community development and thus plans to indulge in local employment for staffing and without a doubt wants to work with the municipals and building control officials in the region.

The prospective vision of Nuru Hotels International is to target all corporate and wedding business in the surrounding area along with those travelling on the interstate 90. Nuru hopes to be the number one provider for weddings; as we will have one of the largest wedding venues in Euclid. Nuru plans to expand its chain aggressively to others areas in America within the next coming years. The grand opening of Nuru Cleveland East is within the next 12 months and the CEO is ecstatic about it.

The property is ideally situated near I-90 on the busy Euclid Avenue corridor with several large apartment complexes within the immediate area and located near Lincoln Electric’s Euclid plant.