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Thursday, November 6, 2014

More Retail! More Apartments! More Hotel Rooms! Quarterly Stats from the Downtown Cleveland Alliance

Posted By on Thu, Nov 6, 2014 at 1:39 PM

The Downtown Cleveland Alliance has released its report for the third quarter of 2014, and it's exploding with rosy updates and projections for downtown retail, residences, businesses and hotels. 

In addition to 18 new retail establishments — due in part to The 9's resort-like influence on E. 9th —  and a 95 percent occupancy rate, the report highlighted the dramatic increase in convention center activity since the announcement, three months ago, that Cleveland would host the Republican National Convention in 2016.

According to the report, 62 events have been booked at the Cuyahoga County Convention Center during the past three months. Those events, which include the Rock Hall's 2015 Induction Ceremony and the 2015 NCAA Men's Basketball Regional Semi-finals, project to attract more 35,000 attendees and 13,450 hotel room nights.  The "economic impact" could exceed $16 million, based on their estimates.

In 2016, the year of the RNC, more than 186,000 hotel room nights are projected to be sold. Current nightly rates stand at about $104, on average, but those will likely increase by 2016.

The DCA says that more than 1,800 new hotel rooms will be added to Cleveland's downtown market by then. At which point, we'll continue to ask: Before and after the RNC itself, can Cleveland really fill all these hotel rooms? 

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