CASINO DEVELOPER BUYS RITZ-CARLTON AND OFFICE TOWER IN CLEVELAND

by admin

CLEVELAND — Casino developer Rock Ohio Caesars has agreed to acquire the 205-room Ritz Carlton Hotel in Cleveland for $36.5 million. Rock Ohio is a joint venture between Caesars Entertainment Corp. and the Rock Gaming company. The entity has also acquired an attached 119,000-square-foot office building, which was sold in a mortgage default auction. The hotel and office building are adjacent to the entity's planned casino, Horseshoe Casino Cleveland, which is slated to open in March 2012. Both properties are owned by Forest City Enterprises Inc., a publicly traded real estate company. The hotel will remain a Ritz-Carlton under a long-term management contract. The transaction is expected to close Dec. 15.

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