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Detroit’s Hotel Boom Is Just The Beginning

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Detroit’s hotel market is showing signs of revitalization. Operators and developers are investing millions in new and renovated properties. Hotel occupancy is coming back to pre-pandemic levels after a lean-to-starvation year in 2020. Cambria Hotel Detroit Downtown is expected to open in February. Corktown’s Godfrey Hotel, west of downtown, is slated to open in the spring. The Westin Book Cadillac’s $20 million renovations begin next month. In addition, Olympia Development and Related Companies have plans to build two hotels as part of a $1.5 billion investment in the District Detroit. Operators of Huntington Place are pushing for the construction of hotels at the former Joe Louis Arena site. The tourism industry hopes to attract more large-scale events, like the 2027 NCAA Men’s Basketball Final Four that was awarded to the city last month.

 

Metro Detroit’s 2022 Commercial Real Estate Update Impresses

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In the past year, the Ilitch family and billionaire development mogul Stephen Ross announced their partnership to build the Detroit Center for Innovation. Since then, no construction has started. Whether or not the plans come to fruition is up in the air. There are currently 10 projects in the works outside of the DCI. They include business incubator space, new office and residential towers, and hotel space. Altogether, $1.5 billion in projects are waiting in the wings. That figure doesn’t include the DCI which would cost $250 million, funded in part with a $100 million earmarked in the state budget.

 

Detroit’s Yorba Hotel Is On The Market

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Detroit’s Hotel Yorba is back on the market at a reduced price. Located at 4020 W. Lafayette Blvd.,  in the city’s Hubbard Farms neighborhood, The historic hotel’s purchase price was reduced from $3.3 million to $2.95 million. The four-story building has around 250 hotel rooms with common bathrooms on each floor. The property is owned by Gerald Jankowski. The hotel opened in 1926 and was designed by Detroit architecture firm Pollmar & Ropes.

 

Bedrock LLC Adds Hotel To Its Portfolio

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Dan Gilbert’s Bedrock LLC has purchased the Roberts Riverwalk Hotel at 1000 River Place Dr. The property is the newest splurge in the company’s $80 million shopping spree on Detroit’s riverfront. Bedrock began collecting property along the east Detroit riverfront during the pandemic. The company owns almost 1 million square feet of office space, about 1,600 parking spaces and ore than 40 acres of land in addition to the new hotel purchase. The hotel’s purchase price is undisclosed. Dan Gilbert’s $80 million-plus spending spree on the east Detroit riverfront continues.

Fort Ponchartrain Hotel’s Second Tower Plans Revisited

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Investor group, Operadora de Servicio Para Hoteles de Lujo, is revisiting the idea of building a second hotel tower on the Fort Pontchartrain hotel in downtown Detroit.  They recently issued a request for proposals for an economic feasibility study fro a 390-room addition to the property. The addition would include 40 for-sale condominiums. There have been plans to build a second tower for the hotel for years. The plans go as far back as 2015. They were abandoned until 2018 when 498 rooms across a 28-story expansion were proposed. At that time, the hotel was called the Crowne Plaza Downtown Detroit Riverfront. At that time, the Detroit City Council called for a neutrality agreement for a labor union to represent hotel workers. In 2021, the hotel’s ownership renamed it Fort Pontchartrain, a Wyndham Hotel, and reopened the Top of the Pontch restaurant.

 

New District Detroit Development Includes Hotels, Housing, Retail and Offices

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Olympia Development and Related Companies have released details about a $1.5 billion development that create housing, retail and hotel properties in the District Detroit.  The plans include 695 mixed-income residential unites, 1.2 million square feet of commercial office space, 100,000 square feet of retail and 467 hotel rooms across 10 downtown Detroit properties. The project will involve constructing six buildings and renovating four buildings. Upon completion, the project is expected to create more than 6,000 jobs and generate more than $500 million in wages annually.

 

New Costco Business Center Is On The Horizon

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The planned Costco Business Center in Southfield is one step closer to happening. Southfield City Council approved Contour Companies LLC’s sale of the property at the southwest corner of the former Northland Center site. When complete, it will be Michigan’s first Costco Business Center. The center would be geared toward small businesses, restaurants and the hospitality industry. Michigan’s Costco Business Center would be one of 15 located in the United States. Project demolition has started, and framework for the buildings has begun. The overall plan will bring more than 2,800 housing units to the site.

 

Developer Plans Lakeside Mall Transformation

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It is expected that Sterling Heights City Council will vote on Tuesday on Lionheart Capital’s “Lakeside City Center” proposal for the Lakeside Mall. The mixed-used development plan includes residences, parks, a hotel and office space, and retail and dining space. The Miami developer says the project could provide an estimated $1 billion to the region over a ten-year span. The property on Hall and Schoenherr roads will host more than 2,800 multi-family apartments (including some senior housing, and 150,000 square feet of retail and dining space, 60,000 square feet of office space, as well as a 120-room hotel. About 30 acres will be donated to the city for park, streetscape and infrastructure.

 

 

Downtown’s Merchants Building Slated For Redevelopment

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Method Development LLC plans to revamp the Merchants Building in Detroit into a 135-room hotel. The $44 million redevelopment plan includes hotel space, and food, beverage and event space, as well as a rooftop bar. The $44 million price tag includes $5.9 million in building acquisition cost, $21.5 million in hard costs and $16.6 million in soft costs. Kraemer Design Group is project’s architect. This hotel would be one of many at varying development stages in and around downtown Detroit. The project is being financed with $16.7 million in equity and $27.3 million in debt.

Ilitch and Ross Propose Hotel Development Near Little Caesars Arena

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The Downtown Development Authority board signed off on a proposal for a new $190.5 million hotel south of Little Caesars Arena. Plans for the hotel have been in the works for a while. The hotel would be 14 stories tall with 290 rooms. The Ilitch family and developer Stephen Ross submitted the development plan. Together, they would ground-lease the land from an Olympia-owned entity. The hotel, food, beverage and other amenities will create a variety of jobs and attract people to the region. The project would cost $137.3 million. Ilitch and Ross have partnered on projects in the Ilitch family’s District Detroit area in the last year.