Toronto-based Skyline International Development Inc. has won the bid for the historic Renaissance Cleveland Hotel. Emerging over three other contenders, the deal for the 97-year-old landmark in downtown Cleveland is slated to close in October 2015.

The purchase price of nearly $20 million U.S. (CAD $25.6 million) is just the initial investment of a planned major refurbishment of the 491-room complex, and will build on a previous $60-million renovation at the property. Occupying a prominent site by the city’s Public Square, the hotel boasts 68,000 square feet of meeting space, 15,000 square feet of penthouse space and 10,000 square feet of commercial space.

“Skyline’s purchase of the Renaissance represents another strategic acquisition of a legacy hotel that has yet to realize its full potential in a high-traffic urbanized area with changing demographics,” says Skyline chief executive officer Michael Sneyd. “Our goal is not to rebrand or reposition the hotel. There is tremendous value behind its heritage and we want to not only preserve that, but to convert it into an efficiently run enterprise that will meet our aggressive short- and long-term goals in occupancy and customer satisfaction.”

This will be Skyline’s third property in the United States, and follows its 2011 acquisition of the Hyatt Regency Cleveland at The Arcade.