Cleveland plaza reopens 2011

Optima, a fast-growing player in downtown Cleveland, is an affiliate of Optima International, a private global conglomerate with outposts in Miami, Fla. To buy and renovate the Crowne Plaza, Optima partnered with Sage Hospitality, a privately held hotel developer and operator based in Denver.

Sage has been running the Crowne Plaza for Lehman Brothers and will manage the property when it reopens as a Westin. Optima and Sage will share ownership of the hotel, but neither company would comment on the details of their joint venture.

From January through August, the collective occupancy rate for downtown Cleveland hotels was To remake a distressed hotel, Optima and Sage sought out unusual funding sources. Eddy Zai, a Pepper Pike businessman who runs the fund, said he signed a commitment letter with Sage and Optima last week. The Cleveland International Fund is part of a federal program that promises foreign investors a green card if they put money into American projects that create jobs.

The Crowne Plaza employs about people, most of whom will lose their jobs in November. They will be given the first shot at jobs when the Westin opens. After the renovations, the hotel will employ to people. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Advance Local.

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If possible, the floor should be shut down for a deep cleaning. Mike DeWine unveiled his phased plan for reopening parts of the Ohio economy. Here's what won't be allowed to open.

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