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Akron, Ohio

Akron Mayor Don Plusquellic, Greystone Partners LLC and Amerimar Realty Company Announce Plans to build a Destination Quality Hotel using Greystone Hall

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The project will be the first new hotel construction in downtown Akron in 40 years

City of Akron Press Release
Published: 07-16-2013

Akron, OH – July 16, 2013 –Akron Mayor Don Plusquellic, Greystone Partners LLC and Amerimar Realty Company, announce plans to build a destination-quality hotel using Greystone Hall in Downtown Akron.   This project fills a long-standing need in the central business district.  Investment in the project is expected to be $40 million. 

The Hotel will feature approximately 160 upscale rooms and suites, a 125-seat casual restaurant and bar with sidewalk seating, extensive space for meetings and weddings, and a state-of-the art fitness center and indoor swimming pool.  The restaurant will serve breakfast, lunch, dinner and Sunday brunch.  The meeting and event space includes three ballrooms and multiple smaller meeting rooms, available for local and regional corporate meetings and a destination venue for weddings and other social events.  The historic Greystone building will be fully renovated and integrated into the hotel, housing the function space and the restaurant, while continuing to be the venue for live theater productions. 

 

The Greystone Hall, built in 1917 as a Masonic Temple, is located at Mill and High Streets.  Its approximate 60,000 square feet contains numerous meeting rooms, dining and ballrooms.  Owned by the City of Akron, and operated by the Convention Center, it has functioned as a meeting and event venue. 

 

“Getting the right Developer to come in and create the kind of qualityhotel that downtown Akron deserves has been a daunting task,” recognizes Mayor Plusquellic. “But I truly think that we found the right people in Amerimar Realty Company, David Marshall, and Greystone Partners LLC.  This hotel will work closely with the JohnS. Knight Convention Center and preserves the historic Greystone facility.  It will help to bring many more guests, conventions, and groups to visit and convene in our great City.  This is exactly what we hoped for in a hotel plan – a great facility close to the convention center, more jobs for our citizens, and a substantial investment in our downtown.”

 

Greystone Partners LLC, comprised of five greater Akron-area business people, has executed a Memorandum of Understanding with the City of Akron that will lead to the purchase of Greystone Hall.  They have also secured the rights to purchase High Street Christian Church, adjacent to Greystone Hall, which will be the site of new construction. 

 

Greystone LLC has partnered with Amerimar Realty Company of Philadelphia, PA, who among their many national properties, own and manage more than 3,000 hotel rooms.  An affiliate of Amerimar Realty Inc. will operate the hotel as an independent hotel.  
 

“Downtown Akron is in need of a quality, full-service hotel.  We are impressed with the quality of the Greystone ballroom, and the uniqueness and beauty of the meeting rooms.  We can’t imagine that there is a more perfect location in the city,” said David G. Marshall, Chairman of Amerimar Realty Company.

The architect, Braun and Steidl and construction manager, Welty Building Company, will incorporate LEED requirements into the design and construction of the new hotel.  This will be representative of the eco-friendly and sustainable initiatives that the hotel will practice throughout its operation. 

The Development Finance Authority of Summit County will be participating in financing the project. 

 

 

About The City of Akron

With a population of around 200,000, Akron is an international city, with residents from around the world who add to the diversity and vitality of its community.   For more than 100 years, Akron was the rubber and tire capital of the world, and it still boasts being the city where every super-engineered tire for the Indy 500 is assembled, and where the wheels of NASCAR are made.   However, Akron has also developed into a center of research and advanced manufacturing, polymer engineering and bio medical R&D.  Its Downtown hosts a billion dollars of new investments including the newly redesigned Akron Art Museum, and its newly designated Biomedical Corridor.   For more information visit www.akronohio.gov

 

About Greystone Partners LLC
Greystone Partners LLC is a developer focused on historic preservation in greater Akron.  Individually, and collectively, they have managed, owned, built or redeveloped millions of square feet of commercial, retail, and residential properties. Historic Redevelopment has been a focus with the Old Akron Post Office, now Summa Center in Akron, as an example. In addition, the Mercantile Lofts and Journal News in Hamilton, Ohio were recently completed.

 

About Amerimar Realty Company
Amerimar Realty Company is a Philadelphia-based real estate investment/development company that is a recognized leader in the renovation and repositioning of office, hotel, retail and multi-family properties.  The firm originated in 1976 when David G Marshall began to acquire properties on behalf of the Bass family of Texas as David G. Marshall & Co.   Marshall subsequently acquired the company in 1987 and it was renamed Amerimar Realty Company.  Amerimar recently entered the northeast Ohio market with its acquisitions of Huntington Bank Plaza, a 160,000 square foot Class-A office building, and the New Market Parking Deck, a 488-space parking garage, both located in downtown Canton.  Other notable Amerimar investments include: The Rittenhouse Hotel in Philadelphia; Denver Place, a 2.5 million SF complex in downtown Denver; and Pier 39 in San Francisco. 

About the Development Finance Authority of Summit County (DFA)

DFA attracts private capital for public good in Northeast Ohio.  DFA specializes in using bonds, tax credits and non-traditional sources of capital including our Jobs & Investment Bond Fund (Rating: BBB+ by S&P) to create and retain jobs and finance projects that enhance the quality of life throughout the region. In addition, as a certified community development entity (CDE), the DFA is authorized to deploy New Markets Tax Credits that specifically benefit low-income communities throughout an 18-county service area in Northeast Ohio. More information about our investment tools, successful projects and partners is available at www.developmentfinanceauthority.org.

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