In just seven minutes, the auction saw the bidding price go from $1 million to $4.8 million dollars…with the winning bid going to Drury Southwest Incorporated. The hotel chain is based in Cape Girardeau, Missouri.
Rick Drury is its director. He says they’re excited for the building’s proximity to the Horseshoe Casino, the Rock and Roll Hall of Fame, and other significant downtown attractions.
“We have seven hotels in Ohio," says Drury. "This will be our first in Cleveland and we’ve done a number of historic properties around the country. And we plan to make this one the crown jewel of our Ohio portfolio.”
When asked how many hotel rooms can be constructed inside the property, Drury estimated between 170 and 180.
Up to 11 million visitors are projected to visit downtown Cleveland this year alone, spurred by recent development including the medical mart now known as the Global Center for Health Innovation.
While the building has been auctioned off, it’s not a done deal yet. The Cleveland Metropolitan School District Board has to review and approve the bid, which it plans to do at a March 12th meeting.
If approved, a search will then begin for a new school district headquarters. As for what the CMSD would do with the nearly 5-million dollars, a CMSD spokeswoman says it’s "premature to speculate".