(Cleveland) - The Cleveland Metropolitan School District headquarters has been sold for $4.5 million.

Crain’s Cleveland Business reports that winning bidder in Thursday’s auction plans to open a Drury Plaza Hotel on the site in 2015.

The property, 1380 East Sixth St., was sold at auction today for $4.5 million to DSW Inns LLC. Bidding for the landmark building started at $1 million.

Joe Roman, president of the Greater Cleveland Partnership says this is a tremendous vote of confidence in the central businesses district by a private investor. He tells Newsradio WTAM 1100, it also insures that a historic downtown building will be preserved.

Rick Drury, president of Drury Hotels Southwest, said after the bidding that the company owns and operates seven hotels in Ohio. Its website shows the company has three hotels in Columbus and one each in Cincinnati, Dayton, Findlay and Middletown.

The building has been considered a desireable property due to its location near the convention center and the Global Center for Health Innovation.

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