Not so Ritz-ie. Dearborn's former Ritz Carlton sold for $3mil

[Lowell]

"Oh how the mighty have fallen."

From this week's Crains... Full Article Here

Doran never dreamed that the so-called “Pink Palace” of Dearborn would later set an eye-popping low sale price in 2010, selling for $3 million in a sale forced by Ritz-Carlton.

When the hotel last changed hands, in 1998, its sale price was $64.8 million, still far less than the estimated $100 million it would cost to replace the property.

A group of investors from Houston pooled $3 million and purchased the hotel in April with Denver-based Greenwood Hospitality Group to handle a transition of the property to its new name: The Henry.

[Detroitnerd]

Lowell, this wasn't the hotel that had a monorail connection to the mall. That was Dearborn's Hyatt-Regency. This came later, built in the 1990s, I think.

[Hypestyles]

at least it won't be mothballed.. I hope they have a nice reopening, and have some modest rates for rooms..

[Patrick]

Whenever I hear about "investors" and hotels I always get the thought of the Pontchatrain and how low it fell.

[Detroitnerd]

"The Henry"? That's a terrible name.

[Hypestyles]

better to be the Hank?

[fryar]

Yeah, cheesy Henry Ford reference. But it beats the David Stott or Wurlitzers by not sitting empty.

I wouldn't be surprised if they did have some relatively low rates.

[Detroitnerd]

We'll see what's up within a year. Will the new owners build up the business? Or will they try to squeeze the last bit of revenue out of it before it goes empty.

One thing Hubbard got right about Dearborn: He never approved of the ambitious schemes to develop the Ford Lands.

[Lowell]

Correction per DetroitNerd [thanks], it was indeed the Hyatt Regency that had the mini-people mover, not the Ritz. Remove accordingly from my first post.

[lalynch]

I work in one of the two Fairlane Plaza office buildings adjacent to the hotel. Ford Land maintains the grounds of all three buildings. The hotel has been busy since the changeover to The Henry. Lots of tour buses. It appears that management for the hotel use our parking garage too because I often see someone walk from the hotel straight to the parking garage and vice versa.

[pkbroch]

This hotel is a Marriott managed property. Has been for a while now. No cheap rooms and parties in the halls. Look for yourself. Not a Leland.

http://www.marriott.com/hotels/trave...ph-collection/

[pkbroch]

The Hotel is very nice. Read the reviews for yourself. Has been Open for months now under the new management.

http://www.tripadvisor.com/ShowUserR...ECK_RATES_CONT

[DetroiterOnTheWestCoast]

With an investment of only $3 million, seems like they might expect a pretty nice return.