Michigan Real Estate News

Timely  |  Relevant  |  Informative

Hotels Offer New Perks To Business Travelers

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Hotels are experiencing a revival of leisure travel. This May marked the third consecutive month that U.S. hotel profitability exceeded 2019 levels. However, business travel isn’t rebounding as quickly and isn’t expected to reach pre-pandemic levels until 2024. Detroit and Cincinnati’s markets are experiencing losses close to 23 percent. Larger cities like New York City and Chicago are weathering losses around 50 percent. Hotels are getting creative to encourage business travel by offering “bleisure” perks (business + leisure). They’re offering incentives like co-working spaces with luxury hotel amenities, special access to exclusive local museums, one-on-one exercise training sessions with an Olympic medalist, and welcoming pet policies,

 

 

 

Site Cleared For Ann Arbor Residential Development As Law Suit Continues

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A development planned for 91 acres of farmland north of Ann Arbor is moving forward, even though neighbors are suing the developer over a disputed piece of property. Chestnut Development LLC has plans for a 264-unit development south of Whitmore Lake. Builders are currently installing water, sewer and storm water infrastructure on the property. The plans include 56 single-family homes on individual lots and 208 multi-family attached units on 79 acres of property. The remaining acreage is slated for future commercial development. A neighboring couple has filed complaints that the developer has trespassed and destroyed their property. The lawsuit aims to determine ownership of the property that is partially on the developers lot. The residents are requesting the judge award title of the piece of property under adverse possession.

 

 

The Platform Buys Out HFZ

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Peter Cummings’ Detroit-based development firm, The Platform LLC, along with New York city-based Rheal Capital Managment LLC, has bought out the majority ownership interests of the  HFZ Capital group of the 28 story high-rise on West Grand Boulevard in Detroit’s New Center area. Terms of the deal have not been disclosed. According to Cummings, they plan to work on the building’s facade, as well as electrical, elevators, doors and upgrades to the parking garage. There were many local and out-of-state buyers who made serious offers, but Cummings was concerned about stewardship of the property, as well a capital. Instead, they ended up taking out HFZ, a move which allows for more flexibility as they move forward with the property.