INDIANS AND CAVS BUY PARCEL NEAR THE JAKE, HOTEL IS PLANNED

          "On the verge of losing the land to another developer,
     the Indians and Cavaliers have agreed" to pay $2.5M to
     Gateway Economic Development Corp. "for a parcel near Jacobs
     Field where they hope to build a Courtyard by Marriott
     hotel," according to James Sweeney of the Cleveland PLAIN
     DEALER.  The land is being bought by Bolivar 9th Street
     Development Corp., "a newly formed joint venture" of the
     Indians and Cavaliers.  Indians Chair & CEO Richard Jacobs'
     Richard E. Jacobs Group is negotiating with Marriott to
     build the hotel on the land, company President Martin Cleary
     said.  In accepting the teams' offer, Cleveland's Gateway
     "turned its back" on an earlier proposal from NJ-based Prime
     Hospitality Corp (Cleveland PLAIN DEALER, 7/12).