Reynolds Hotel Lodging LLC, a Farmington, Mich., investor group, is the new owner of the extended-stay hotel at 7677 Reynolds Road, Mentor, following a $2 million transaction.
Previously a Studio 6, or extended-stay hotel in the Motel 6 family, the phone at the 49-unit property is now being answered as a "Suburban Extended Stay Hotel," an extended-stay concept operated by Choice Hotels.
The seller was G6 Hospitality Property LLC, an affiliate of Carrollton, Texas-based economy hotel developer and owner G6 Hospitality, which operates 1,400 owned and franchised properties and dates from 1962.
G6 had owned the Mentor hotel since 1999, according to Lake County land records, when it paid $2.37 million for the property. Lake County assigns the hotel a market value of $1.8 million. It was built in 1987.
Calls to Reynolds Lodging principals Mason Aldo, president, and Mike Aldo, an investor, were not returned by 2:25 p.m. on Friday, Dec. 18.
The Mentor property is the second Choice-affiliated Suburban Extended Stay Hotel in Ohio. One already operates in Dayton.
Hotel sales have been scarce in 2020 as the COVID-19 pandemic has drubbed lodging operations.
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December 19, 2020 at 03:02AM
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