Ohio Casino Developers Buy Ritz-Carlton, Cleveland

The developers of Cleveland's first casino recently announced agreements to purchase the Ritz-Carlton, Cleveland, for $36.5 million and an attached five-story commercial office building for an additional $3.5 million in the city's downtown. The 205-room hotel and 119,000-square-foot office space is next to the Horseshoe Casino Cleveland, which the same purchasers -- Rock Gaming LLC and Caesars Entertainment Corp. -- are developing as a joint venture. The hotel transaction is expected to close by Dec. 15, while the casino is expected to open in March 2012. The Ritz-Carlton has more than 19,000 square feet of meeting space.