By Kevin Oklobzija, Rochester Business Journal | Posted on October 18,2018
When it came to their collection of properties, the DelMonte Hotel Group had always done things on their own.
They built their first full-service hotel, the Marriott Thruway, in 1973. Their next hotel, the Rochester Airport Marriott in Greece, came in 1978 and they still own and operate that property. Nearly four decades later, their most recent Monroe County hotel, the Hilton Garden Inn Rochester University, opened near Strong Memorial Hospital.
Nothing really changed with that do-it-ourselves business approach until last year, when the DelMonte Group made growth more of a priority.
“We’re smartly growing our portfolio—we’re looking in the Northeast and mid-Atlantic,” said Alex DelMonte, president of the East Rochester-based firm. “But if we want to grow at a more rapid pace, we’ll have to bring in equity from outside investors.”
They found their first partner essentially in their East Rochester backyard. Cobblestone Capital Advisors, with headquarters in the Linden Oaks Office Park, believes the right hotel real estate investment can be a wise offering to its clients.
As a result, the AC Hotel Cleveland Beachwood was born. Construction crews broke ground in May 2017 and the Ohio hotel opened to guests two months ago.