Cuyahoga Plans $231 Million Sale for Convention HotelMark Niquette
Cuyahoga County, Ohio’s most populous, plans to offer about $231 million in certificates of participation today to fund a new convention center hotel in Cleveland.
The tax-exempt debt will be backed by lease payments to the Cleveland-Cuyahoga County Port Authority from sources including county general-revenue funds, said Timothy Offtermatt of Stifel, Nicolaus & Co. in Cleveland, the senior manager on the deal.
The county plans to build a 600-room hotel next to the Cleveland Convention Center and Global Center for Health Innovation that will be managed by Hilton Worldwide Holdings Inc., according to an offering statement. The new Hilton Cleveland/Downtown is expected to open by 2016, the county said.
Moody’s Investors Service assigned the debt an Aa3 rating, its fourth-highest level of investment grade, while Standard & Poor’s ranked it an equivalent AA-.