The 27-story Liberty Center office building and accompanying Westin Convention Center hotel, Downtown are under new ownership.
Starwood Capital Group, a Greenwich, Conn.-based global investment company, formally closed on the purchase of the properties today. The sales price was not immediately available.
Both properties were put for sale early this year by Cleveland developer Forest City Enterprises. Liberty Center was built in 1987 and has a major tenant in Federated Investors. The 618-room Westin is managed by Starwood Hotels & Resorts Worldwide Inc., a company created by Starwood Capital.
"We are very excited to have Starwood Capital purchase this landmark office building and hotel," said Jeffrey Ackerman, managing director of CBRE, the real estate company that brokered the sale.
CBRE has been retained by Starwood to manage and lease the office building.
Neither Jeff Linton, a Forest City spokesman, nor Tom Johnson, a Starwood spokesman, could be reached for comment.
According to its website, Starwood Capital had completed more than 500 transactions representing $41 billion in assets as of Sept. 30, 2012. It has 11 offices in six countries, including the United States.