Bloomberg News

Cuyahoga County Plans $231 Million Sale for Convention Hotel

May 21, 2014

Cuyahoga County, Ohio’s most populous, plans to offer about $231 million in certificates of participation today to fund a new convention center hotel in Cleveland.

The tax-exempt debt will be backed by lease payments to the Cleveland-Cuyahoga County Port Authority from sources including county general-revenue funds, said Timothy Offtermatt of Stifel, Nicolaus & Co. in Cleveland, the senior manager on the deal.

The county plans to build a 600-room hotel next to the Cleveland Convention Center and Global Center for Health Innovation that will be managed by Hilton Worldwide Holdings Inc. (HLT:US), according to an offering statement. The new Hilton Cleveland/Downtown is expected to open by 2016, the county said.

Moody’s Investors Service assigned the debt an Aa3 rating, its fourth-highest level of investment grade, while Standard & Poor’s ranked it an equivalent AA-.

To contact the reporter on this story: Mark Niquette in Columbus at mniquette@bloomberg.net

To contact the editors responsible for this story: Stephen Merelman at smerelman@bloomberg.net Mark Schoifet, Mark Tannenbaum


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Companies Mentioned

  • HLT
    (Hilton Worldwide Holdings Inc)
    • $24.63 USD
    • 0.08
    • 0.32%
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