Renowned Detroit Hotel Sale and Renovations Pending

The Westin Book Cadillac hotel in downtown Detroit is under a pending deal. Chicago-based Oxford Capital Group, the same company that broke ground on a new Godfrey Hotel in Corktown,  is buying the 453-room hotel. Downtown Detroit hotels took a hit during the COVID-19 pandemic, and the Book Cadillac has been delinquent on its mortgage since spring 2020. With the sale, Oxford Capital will assume $77 million in debt to prevent the hotel from going into foreclosure. The company will spend at least $16.5 million on renovations and maintenance. It’s seeking a 12-year Commercial Redevelopment tax break that’s valued at over $26 million.