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Luxury lodging during a pandemic? Michigan hotels seek recovery signs detroitnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from detroitnews.com Daily Mail and Mail on Sunday newspapers.
Westin Book Cadillac (Photo: Wikimedia Commons/Sk8terjacob) The Westin Book Cadillac hotel is facing foreclosure due to plummeting revenues amid the pandemic, its owner tells Crain s Detroit Business. The 33-story tower was rehabbed in 2008 for $180 million. According to Crain s, owner John Ferchill is underwater with $77 million in commercial mortgage-backed securities debt that has been delinquent since May. The property is valued at $75 million. Ferchill says he s been unable to come to an agreement with his lender, Citi Real Estate Funding Inc. We are not unique, Ferchill said. We have tried everything to work with a lender who won t work with us, which quite frankly is a testament to how good of a property we created. They would rather take it for themselves than work it out with the borrower. We have not received one concession. ....
Westin Book Cadillac facing foreclosure amid lengthening pandemic detroitnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from detroitnews.com Daily Mail and Mail on Sunday newspapers.
Detroit’s Best Building Bracket: Vote in Round 2, win cash prizes Help us name Detroit’s best building! Published: Tags: Detroit has some of the best architecture in the world. But which building is the best? We’ve launched a new bracket challenge to find out which of Detroit’s iconic and celebrated buildings is the best. Why? Just because. We all need something fun to do these days. There are so, so many buildings to choose from, but we’ve landed on the top 32. To contain the list a bit, we’ve left out famous homes and churches, and stuck with buildings like, skyscrapers, museums, etc., and they have to be still standing, like Elton John. ....