Fri December 9, 2011
Ohio Casino Buying Ritz-Carlton and Office Tower
Ohio's first casino opening early next year is buying an upscale hotel to expand its footprint in downtown Cleveland.
Rock Ohio Caesars says it will exercise an option to buy the four-star Ritz-Carlton hotel for $36.5 million. The casino operator also has purchased an attached five-story office tower recently sold in a mortgage default auction for $3.5 million.
The hotel and office tower are adjacent to the Horseshoe Casino Cleveland that will open in March. The casino operator says it will use the bank office tower - vacant since 2008 - for administrative offices.
The casino is a joint venture between Caesars Entertainment and the Rock Gaming company led by Cleveland Cavaliers owner Dan Gilbert.