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


Hollywood Goes YouTube
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • HLT
    (Hilton Worldwide Holdings Inc)
    • $25.32 USD
    • -0.34
    • -1.34%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus