In a unique partnership with SPIRE Institute & Academy (IA), Blue Ocean has announced plans to develop and construct an 89-room Marriott TownePlace Suites together with an adjacent Starbucks coffee shop, adding to their rapidly expanding Geneva campus.
Over one million people visit SPIRE’s world-class sports academy and event facilities each year, with demand growing for on-site hotel accommodations since it’s opening in 2012. Bill Monicelli, Director of Land Development for Blue Ocean explains, “Over the next few years, the I-90 corridor in Northeast Ohio will be growing and the SPIRE campus will be expanding as well. We predict that in the very near future, visitors to this area will double or even triple. The new TownePlace Suites hotel and Starbucks will be meeting the needs of these visitors, for SPIRE itself, as well as the surrounding area.”
“SPIRE is a world-class sports academy and event facility, while Marriott and Starbucks are both Fortune 500 organizations with the name recognition and respect that people appreciate,” Bill went on to say.
Both Marriott and Starbucks are world-renowned Fortune 500 brands that will be greatly enjoyed by SPIRE’s international population of students, event competitors, Olympic trainees and spectators. The community as a whole stands to benefit from all of the growing amenities on the SPIRE campus, as well as the impact on economic development through job creation and capital development.
Blue Ocean’s ability to create deep impact and value on the communities it serves is well known, and this latest growth opportunity is no exception. Targeting strong markets with “path of development” locations, they align themselves with trusted brands, and apply design-forward thinking to separate their properties from the competition, locking in long-term value for the local communities and their Partners.
President Jonathan Ehrenfeld of Blue Ocean states, “SPIRE is an exceptional resource to the global market of elite sports and is a prominent economic driver in and around the greater Cleveland area. The addition of these new resources on the SPIRE campus elevates our ability to bring more value to the local market and well beyond – further positioning SPIRE as the premier destination for top student athletes, Olympic hopefuls, sport camps, national competitions and more.”
Groundbreaking for both the hotel and the Starbucks store is expected to take place this November. The new TownePlace Suites is scheduled to be open sometime in the late fall of 2022, and the new Starbucks will be located at SPIRE Circle, right at the entrance to the athletic academy, along with a third retail business – yet to be determined.
About Blue Ocean
Founded in 2004, Blue Ocean (www.blueocean.com) is a real estate Investment and asset management company headquartered in Owings Mills, Maryland. Blue Ocean is active in multiple product types within the real estate sector including multifamily, industrial, hospitality, and self-storage. Today, the Blue Ocean portfolio is valued in excess of $500MM with over 2,000 multifamily units and 3 million square feet of commercial space. Blue Ocean focuses on opportunities where the team’s collective expertise can create the most meaningful lasting value for their partners and communities.