A Chicago-based hotel developer plans to purchase the Westin Book Cadillac in downtown Detroit.
As first reported by Crains Detroit Business, a document posted on the City of Detroit website states that Book Cadillac Detroit Propco LLC, a subsidiary of Chicago-based Oxford Capital Hotels, is planning to purchase and renovate the hotel in 1114 Washington.
Oxford is taking on the $ 77 million debt of Cleveland-based Ferchill Group.
The document, a request for tax incentives, said Book Cadillac Detroit Propco LLC plans to spend $ 16 million to renovate the 97-year-old building.
The Westin Book Cadillac went into foreclosure earlier this year after John J. Ferchill of Cadillac Funding Associates LLC was in arrears on a commercial mortgage-backed securities loan of $ 77 million since May 2020, according to commercial real estate research firm Trepp LLC.
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