The newly opened Westin Downtown Cleveland was built via a collaboration between private developers and CiF using capital from EB-5 investors. CiF was pleased to have been a lender to the project since, without EB-5 financing, the project would not have moved forward.
In its previous life, the building on the northeast corner of East 6th Street and St. Clair Avenue operated as a Crowne Plaza hotel. But years of neglect and mismanagement left the building in dire need of rehabilitation; windows and plumbing leaked, air conditioning was not reliable, and some guest rooms were simply locked shut and forgotten about as the cost of repair was deemed too high. Ultimately, the Crowne Plaza closed and it seemed the most likely future for the building was to become another empty tower in Cleveland. To make matters worse, the dilapidated former hotel was in a very visible section of downtown, only a block away from the construction site of the new Cleveland Convention Center.