I always thought that location had potential with the right amount of money and management in that is is close to everything and has ample parking.
An investment group with Detroit ties purchased the hotel a year ago and has rebranded it as the Trumbull and Porter. Barry Caplan, managing principal and COO of Orlando, Fla.-based Access Hospitality, said his company is renovating the third and fourth floors of the building, which was built in 1964.
The purchase price was $2.7 million, according to a source.
The senior-position loan closed Sept. 18, according to Mike Schick, director of Birmingham-based Q10 | Lutz Financial Services, which arranged the two-year loan on the $9 million project.
Caplan, a 1986 Michigan State University graduate who still owns a home in West Bloomfield Township, said the hotel will have multiple bar areas, a swimming pool, restaurants, a fitness center, artwork by Detroit artists, a coffee bar and a private meeting room that can seat about 50.
“We want to make this an authentic Detroit hotel,” Caplan said, adding that things like Anthology Coffee, local craft beer and spirits and the Detroit Bikes bike service will be available.
Photo by Patrick Thompson Design LLCRendering of the planned Trumbull & Porter hotel, formerly the Corktown Inn
Caplan said the hotel had a reputation for illicit activity.
“Day rates, crack, you name it,” he said. “There was a joke that underwear was sold in the vending machines.”
The Trumbull and Porter, however, will be “affordable luxury,” he said.
Nightly rates will range from $129 to $209, depending on the season, he said.
He said there will be 79 queen-size rooms, 57 king-size rooms and eight specialty suites that feature things like Jacuzzis.
“The renovated hotel will be a great addition to the growing and revitalized neighborhood,” Schick said.