Beaty Capital, Dream Hotel Group announce $60 million hotel project in Cleveland
Beaty Capital Group of Fort Smith is partnering with New York City-based Dream Hotel Group to build the first of a “Dream Hotel” brand at the TempleLive music venue in Cleveland. The venue is the Cleveland Masonic Temple building purchased by Beaty Capital in March 2017.
The estimated $60 million project will result in a 207-room “lifestyle hotel” that will include restaurants, “nightlife venues,” a fitness center and 100,000 square feet of meeting and event space. The project will also include a 400-space parking deck. Hotel guests will also be able to access the renovated 2,300-seat theater in the Masonic Temple.
Construction is set to begin in early 2021 with an opening set for 2022.
“Today’s announcement is a testament to the strength of our brands and growing confidence in the travel industry despite these unprecedented times,” Dream Hotel Group CEO Jay Stein said in a statement. “Cleveland is the birthplace of rock and roll, and much like the Dream Hotels brand, it is a city marked by a youthful, vibrant energy, creative spirit and burgeoning arts and culture scene that many aren’t yet aware of. Together, with partners Beaty Capital Group, our goal is to deliver an experience-driven property that surpasses expectations, blending great food and beverage, creative programming, entertainment and world-class hospitality, in the heart of Midtown Cleveland.”
Lance Beaty, president of Beaty Capital Group, told Talk Business & Politics all parties put a lot of work into developing the project and he is glad to see it announced – especially in a time of economic uncertainty resulting from the COVID-19 pandemic.
“It is exciting to look beyond this recent period of anxiety and uncertainty to bring such an iconic project to Midtown Cleveland, “ Beaty said. “As you could imagine the project has been delayed by recent events, but we feel that it’s important for the City of Cleveland, the live music and performing arts, the hospitality industry, and the country as a whole to regain confidence and move forward with our lives. We believe this announcement today is an exciting and positive step in that direction.”
Daniel MacDonnell and George Qiao with Cushman & Wakefield Global Hospitality represented Beaty Capital in developing the project and construction financing. Cleveland-based architectural firm Bialosky is the designer and executive architect working with general contractor Cleveland Construction. Bialosky also managed initial stabilization and preservation work on the building in 2018.
The Masonic Temple is located in Midtown Cleveland at 3615 Euclid Ave., east of Playhouse Square and near the Cleveland State University Campus. It was built in 1921 and was the original residence of the Cleveland Orchestra. The seven-story Temple building contains approximately 226,000 square feet of space.
“A series of small undulations in the form and articulation of the façade create a dynamic presence, while the bend in the bar and slight shift of the mass at strategic locations work to define outdoor spaces with direct and unobstructed views of Downtown, Cleveland Clinic, University Circle, and Lake Erie,” the Dream Hotel press release said of the planned hotel construction.
Dream Hotel Group has also announced Dream Las Vegas, Dream San Antonio and five new projects under the company’s recently launched By Dream Hotel Group brand. Other projects include The Bight by Dream Hotel Group Turks & Caicos, Emma & Elissa by Dream Hotel Group Playa del Carmen, Central Park Lagunas by Dream Hotel Group Tulum, Central Park Rios by Dream Hotel Group Tulum, and The Beach Club by Dream Hotel Group Tulum. The company has 16 hotels in operation and 25 sites in development.
With 16 hotels now open and another 25 locations in various stages of development worldwide, Dream Hotel Group remains one of the fastest growing independent lifestyle hotel companies in the world.
Beaty Capital owns three Masonic Temples. Beaty acquired the historic 53,000-square-foot Masonic Temple in downtown Fort Smith in November 2014 in a $2.5 million deal. The three-story building at 200 N. 11th St. was built in 1928 and has numerous meeting rooms and a theatre capable of seating 900. It reopened as TempleLive in August 2017 after approximately $5 million in renovations.
The investment group announced Jan. 29, 2019, it was completing the first phase of an estimated $8 million, two-phase renovation of the Masonic Temple in Cleveland. At the time, Beaty said they might potentially invest $18 million in upgrades and renovations.
Beaty Capital announced March 5, 2019, it had acquired the Wichita Scottish Rite Center in the heart of downtown Wichita, Kan. Terms of the private transaction were not disclosed. The Wichita facility was first constructed between 1887-88 for the Young Men’s Christian Association and was sold to the Scottish Rite Freemasons in 1898. The building was expanded in 1907 and in 1956.