VM Hotel Acquisition Corp., the would-be buyer of the two downtown properties, announced on Monday evening, May 30, it has decided to drop the deal, blaming funding issues.
Canadian hotelier Skyline Investments Inc. is partway into a nearly $70 million overhaul of the 491-room hotel, the second-largest lodging property in downtown Cleveland. The port's participation will help close a financing gap for the long-simmering project.
Skyline Investments Inc.'s Hyatt Regency Arcade and Renaissance Cleveland Hotel are listed as acquisitions in the founding portfolio of a proposed special purpose acquisition company on the Toronto Stock Exchange.
Montreal Sheraton Centre in $520M hotel portfolio acquisition | RENX renx.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from renx.ca Daily Mail and Mail on Sunday newspapers.