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Can't read the article, but I heard this morning on the Daily Detroit podcast that The Inn on Ferry Street is reopening with 2 new owners. Can someone who has a subscription post what the article says? https://www.crainsdetroit.com/real-e...owner-operator
I have attached a copy of the essay in Crain's about
the Inn on East Ferry Street
Like many other hotels, Detroit's Inn on Ferry Street struggled to survive during the COVID-19 pandemic. Shuttered for more than two years — at one point, it was believed to be closed for good — the historic collection of Victorian mansions and a carriage house in the Midtown neighborhood is being resurrected once again by a new owner.
Susan Mosey, executive director of Midtown Detroit, confirmed that the property her organization jointly owns with the Detroit Institute of Arts is selling it, although she declined to identify the buyer or reveal the purchase price.
She said she hopes the sale will finalize in about 30 days, and the new ownership would reopen it perhaps a month after that, she said.
"We were approached by numerous parties interested in it and the preference from the [[Midtown Detroit) board was to keep it as a hotel," she said, noting that the DIA has signed off on the sale as well.
The art institute declined to comment.
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New York City-based Life House Hotels is expected to operate the property once it's sold, Mosey confirmed.
A pair of entities — LH 84 E Ferry License LLC and LH 84 E Ferry LLC — were set up earlier this month with the Michigan Department of Licensing and Regulatory Affairs. Filings list Remi Zeidan, the co-founder and CEO of Life House, as sole member of both entities. One of the properties that's part of the complex is located at 84 E. Ferry St. east of Woodward Avenue.
Emails were sent Sunday and Monday to Life House Hotels seeking comment.
Life House's website says it owns hotels in Miami, Nantucket, Denver and Miami Beach, and is in the process of opening hotels in Chattanooga, New York and Bali, among others. It also manages 41 independent properties, 11 branded properties and 22 restaurants and bars in the U.S. and Mexico.
Hotel Management reported in 2019 that Life House had snagged $100 million in equity investment from Boston-based Blue Flag Partners as Zeidan and co-founder Yury Yakubchyk planned an expansion through the acquisition of seven to 10 hotels.
The company reportedly focuses on properties with fewer than 120 rooms and relies on technology and automation to drive profits.
"We can make a small hotel profitable — or more profitable — in a meaningful way," Zeidan told Hotel Management. "They have so [[many) fixed expenses and GM and director of finance, housekeepers and housekeeping manager—all those positions in a small hotel really add up."
The Inn on Ferry Street reopened more than 20 years ago as hotel space following an 18-month renovation. It consists of the Pungs house, built in 1891; Roehm house, built in 1888; Scott house, built in 1886; and Owen house, built in 1887; plus the Smith carriage house built in 1892 and, until recently, a carriage house on John R built in 1892, according to the hotel's website.
Mosey said Monday the John R carriage house was recently sold to Nancy and Arn Tellem, who are currently renovating the property for an expansion of BasBlue, a new nonprofit gathering place for women and nonbinary individuals.
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