The Cobblestone Hotel & Suites at 701 W. Bayfront Parkway has a new owner.
The 56-room hotel, which opened its doors in 2016, has been sold to Shyamashyam Inc. for $5.575 million. The deed was recorded Dec. 24 at the Erie County Courthouse.
Tom Kennedy, the former owner of Erie’s Renaissance Centre and the developer of several Cobblestone properties, including the bayfront location, said some of the investors in those projects had expressed an interest in selling one of the hotels.
An agreement had been in place, he said, that would allow investors to see some of their money returned after 10 years.
The bayfront location generated the most interest, he said.
“There are a lot of great properties on that bayfront and we serve a niche in that space,” he said.
Hotel was built to fit on narrow strip of land
Kennedy acknowledged that some people were surprised that he was able to fit a hotel onto the 2.3-acre site. Before construction could begin, a retaining wall had to be built at the base of a bluff that’s located behind the hotel.