Former Dearborn Hyatt hotel expected to go up for sale soon
Property frozen as part of Canadian legal case against owner
Owner will forfeit 772-room hotel as part of agreement with court
The Edward Hotel and Convention Center
The Edward Hotel and Convention Center in Dearborn, which opened as the Hyatt Regency in 1976, and fell into disrepair under new ownership since 2012, when Hyatt ended its management agreement.
Michigan s second largest hotel, once one of Southeast Michigan s top conference sites, is expected to go back up for sale soon.
The Edward Hotel and Convention Center better known as the former Hyatt Regency-Dearborn has sat idle for the past couple of years after being closed by the city for safety violations and frozen by the courts as a legal case against its owner continued.
When Xiao Hua “Edward” Gong was arrested and tried for running a pyramid scheme and laundering money, the U.S. government seized his American properties. Among the millions of square feet are some eye-catching commercial real estate, like a huge Detroit-area hotel, an even-bigger former factory and a majority share of a historic office building in Downtown Chicago.
Those assets are going on the market now, and the seller is as reliable as they come.
“With government-owned assets, the properties are definitely going to sell,” Real Look Vice President of National Development Justin Ochs said. “Inspection and closing windows are relatively short, so you know you have a seller in the marketplace ready, willing and able to sell the property.”