Summary
The W Cleveland at Erieview Tower will be a 210-key W hotel with 215 W Residences in downtown Cleveland, Ohio. Scheduled to open between 2027 and 2028, the project is an adaptive reuse of the former Erieview Tower, a 40-story landmark building constructed in 1964. Once completed, the property will feature ground-floor and rooftop restaurants, a spa, a fitness center, and a 15,000-square-foot ballroom. The W Cleveland will be the first hotel under the Marriott International luxury brand to open in Cleveland since The Ritz-Carlton, Cleveland opened in 1990, and it will also be the first W Residences to be offered for rent rather than for sale, a first for the brand worldwide.
C-PACE Opportunity
Nuveen Green Capital provided $93.4 million in C-PACE financing to fund the historic conversion of the landmark property into a state-of-the-art W hotel and residences, alongside financing from ERIEBANK. By maximizing C-PACE’s accretive, long-term, non-recourse financing at the highest allowable amount within the innovative capital structure, which also included historic tax credits, the sponsor will be positioned to avoid a future refinancing event while ensuring the asset’s long-term success.
