JACKSON TWP. – A hotel in the Belden Village area will be auctioned for the second time in 10 months.
The Ramada by Wyndham Canton / Hall of Fame hotel at 4914 Everhard Road NW, will be offered in a online auction. The sale begins on August 9 and ends two days later.
“Before COVID, his earnings were very high,” said Michael Shirey, vice president of CBRE Hotels in Columbus, who represents Rialto Capital, the owner of the Miami-based hotel.
The auction is managed by Ten-X, which promotes itself as the world’s largest online commercial real estate exchange. A representative for Ten-X could not be reached for comment.
Information on the company’s website indicates that the starting bid will be set at $ 800,000.
Built in 1990, the three-story, 49,236-square-foot building features an indoor pool and fitness center. Business has been very strong recently, noted Shirey.
“Up 174% in the past three months, compared to a year ago… during COVID,” he said. “The hope is that someone can come in… and continue to accelerate him in that direction.”
Sales papers boast of the design of the 100-room hotel suites, including a wet bar sink, refrigerator, and microwave. They note that its layout makes the place ideal for short or long term guests.
The hotel was closed early last year – before the pandemic. Stark County Common Plea Court records show the owner of the North Canton Hospitality hotel owed $ 3.4 million on a $ 3.6 million loan issued in 2014 and was behind on the mortgage.
Although other entities were involved, Shirey said Rialto Capital was essentially the mortgage holder. So, after securing a foreclosure order in court, Rialto bought the property back for $ 2.8 million in a sheriff’s sale in October, according to county records.
Janus Hotels, a hospitality industry veteran, managed the Rialto facilities until the company sold the property.
The hotel is located on nearly four acres, across from Sunset Hills Burial Park. It originally opened as Best Suites of America, then operated as Quality Inn and Magnuson.
Shirey said CBRE had sent out inquiries about other possible uses of the site. But given its location in the Belden Village area and proximity to the Professional Football Hall of Fame, it said its best use was as a hotel.