Downtown Westin Hotel May Close

(Cleveland) - One of downtown Cleveland's major hotels could end up closing in the next week. The Westin Cleveland Hotel, at 777 East Saint Clair, is facing financial issues.

The hotel, owned by Optima 77, and operated by Sage Hospitality, will be foreclosed on by a lender, unless a judge puts the hotel in the hands of a receiver. Cleveland International Fund says in foreclosure filings that it is owed $35 million on principal in the hotel's mortgage, plus interest and late fees.

The former Crowne Plaza Hotel was acquired by Optima 777 and Sage Hospitality in 2011, and was closed for two years while the hotel underwent a $74 million renovation. Optima 777's parent company is under investigation by the FBI for alleged money laundering for Ukrainian leaders.

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