CLEVELAND – Editor’s Note: The above video is from a previously published and unrelated story.
Plans are advancing for a new look at one of the classic downtown Cleveland locations.
Toronto-based Skyline Investments, owner of the Renaissance Cleveland Hotel, is looking to renovate and rename the 103-year-old building as “Hotel Cleveland.”
Cleveland City Council plans to back the $ 56 million renovation with a Tax Increase Funding (TIF) deal. Under the agreement, the City would declare certain improvements exempt from property taxes.
The Renaissance Cleveland Hotel will be renamed Autograph Collection by Marriott to reestablish the hotel as a destination and increase use of the ballroom and event spaces. The 870,000 square foot building currently includes 34 conference rooms, 491 guest rooms, 300 parking spaces, a banquet kitchen and a lobby / reception area.
According to city council, the renovation project would create 166 new full-time jobs in the city of Cleveland, while retaining 69 existing jobs. It is estimated that the project would generate $ 150,000 in new annual tax revenue for the city.
The project has secured historic federal tax credits, which will be purchased by Sherwin-Williams.