CLEVELAND, Ohio - A 379-room downtown Cleveland hotel, practically in the shadow of the Rock and Roll Hall of Fame, will close permanently at the end of January, following a year of plummeting revenue and a stalled sales agreement that led to foreclosure

Crescent Hotels and Resorts, the court-appointed receiver managing the DoubleTree by Hilton Hotel Cleveland Downtown - Lakeside, notified state and local officials Tuesday that the property will shut down January 30. The closure will result in the loss of 66 jobs at the hotel, located at 1111 East Lakeside Ave., less than half a mile from the Rock & Roll Hall of Fame.

Court records filed Dec. 30 in Cuyahoga County Common Pleas Court reveal the financial struggles that led to the decision. According to the receiver’s latest report, the hotel’s operating revenue for the first nine months of 2025 dropped to $5.9 million, a decrease of roughly $2.6 million compared to the same period in 2024.

While the hotel reported a profit of nearly $1.4 million during that period in 2024, it posted a net loss of more than $383,000 through September 2025. Occupancy rates struggled to recover, hovering between 35% and 45% throughout the summer. The report notes that the mortgage lender, U.S. Bank, had to make cash advances to assist with daily operations.

The property has been the subject of a foreclosure lawsuit between U.S. Bank and owner Cami Hotel Investments II since January 2020. A potential resolution appeared close in June 2025, when the court approved the sale of the property to a company named Hazreet LLC. However, the buyer repeatedly requested extensions, pushing the closing deadline to Oct. 31, 2025.

Legal invoices attached to the receiver’s report indicate that the deal faced significant hurdles. Attorneys for the receiver began discussing "wind down issues" and a "notice of default" regarding the buyer as early as July.

The hotel also faced pressure from the Hilton brand. The receiver's report states that Hilton notified management of "quality deficiencies" following a review. The hotel chain agreed to pause enforcement actions only because a sale of the property was pending.

The upcoming closure will affect staff across several departments. Housekeeping will lose 37 employees, while 19 workers will be laid off from restaurant and banquet operations. Five engineering staff members and a small number of administrative and sales personnel will also lose their jobs. The receiver confirmed the current staff count of 66 employees matches the number provided in the state layoff notice.

Paramount Lodging Advisors previously listed the hotel as a "receivership sale" with a total loan exposure of approximately $37 million. Layoffs are scheduled to begin Jan. 28, two days before the hotel ceases operations.