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Marquee hotel is on the block Sources say brokers shop the Renaissance By STAN BULLARD sbullard@crain.com
With Cleveland focused on growing its meeting business and bidding for a national political convention in 2016, a big change may be shaping up at the city’s largest and oldest downtown hotel thanks to the family half a world away that owns it. According to three sources who
asked not to be identified, the Chicago-based hotel brokerage unit of Jones Lang LaSalle is shopping the Renaissance Cleveland Hotel on behalf of its owner, CTF Development Inc., which is led by the Cheng family of Hong Kong, a global power in the hotel business. Jackie Brown, CTF Development’s Washington, D.C.-based asset manager, wouldn’t comment on whether the nearly 500-room hotel is on the market or nearing a sale. Two sources said Jones Lang LaSalle brokers Adam McGaughy and John Nugent have been circulating the offering. Neither McGaughy nor Nugent returned three calls each over the last two weeks from Crain’s. See HOTEL Page 6
Grand plans give way to sad ending at Dots Women’s retailer will be liquidated; ‘devastated’ workers will lose their jobs By MICHELLE PARK LAZETTE mpark@crain.com
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The vision shared two-and-a-half years ago was that women’s clothing retailer Dots LLC could grow to 1,000 stores from the 400 it ran at the time. Soon, there will be none. Twenty-seven years of retailing is coming to an end for Glenwillow-
based Dots in a liquidation that’s costing employees their jobs, may leave landlords across numerous states with vacant storefronts, and could reduce income tax revenues for the village, Solon City Schools and other municipalities, at least for now. After Dots filed for Chapter 11 bankruptcy protection Jan. 20, a firm hired on Dots’ behalf conducted “a wide sale process and reached out to about 275 potential candidates,” according to an attorney for Dots, but the retailer didn’t find a “reasonable” offer. Now, all its roughly 360 stores will be liquidated through “everything must go” sales, which are expected to wrap up in May. See DOTS Page 8
CONTRIBUTED PHOTO
The Nautica Entertainment Complex can accommodate crowds of up to 10,000.
JOINING THE CROWD Upgraded Nautica space is now capable of hosting gatherings of 10,000 or more By RACHEL ABBEY McCAFFERTY rmccafferty@crain.com
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fter investing the last few years in its Nautica Entertainment Complex in the Flats, Jacobs Entertainment Inc. wants to build off the energy of the new Cleveland Convention Center and the Global Center for Health Innovation by pitching its upgraded space along the Cuyahoga River to planners of large-
scale events. The complex — 22 acres of open space and properties including Jacobs Pavilion at Nautica and the Greater Cleveland Aquarium — had a great 2013 in terms of revenue and visitors, said Paul A. Ertel, general manager of Nautica and regional vice president for community relations and marketing for Jacobs Entertainment. But the company isn’t satisfied with the status quo. Instead, it has worked to better
ON THE BOARDWALK For a schedule of Nautica’s coming events, go to: www.nauticaflats.com/events use the available space, allowing guests easily to plan events in one or more of its venues. By installing removable fences and easing access to the different venues within the FirstEnergy Powerhouse during events, Ertel said Nautica now can accommodate crowds of up to 10,000 — or even more, if tents along the river are included. See CROWD Page 21
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REAL ESTATE The 5th Street Arcades has received quite a jolt from retail kiosks and shops ■ Pages 15-19 PLUS: SCATTERED SITES ■ LOVE IT OR LEAVE IT? ■ & MORE
Entire contents © 2014 by Crain Communications Inc. Vol. 35, No. 9