Sale of Dearborn Hyatt Hotel May Fail

[DetroitDad]

$12.5M sale of Dearborn Hyatt may fail

Louis Aguilar The Detroit News / The Detroit News
The $12.5 million sale of the Hyatt Regency Dearborn is in jeopardy.
New owner Goral Vision didn't pay up and missed the Sept. 14 closing date of the sale, according to court documents filed today in U.S. District Court in Detroit by the hotel's court-appointed receiver, Capital Hotel Management. Capital Hotel is seeking to keep the $2 million deposit by Goral Vision, which has a Montreal, Quebec business address, and officially cancel the deal.

The 772-room hotel at 600 Town Center Drive had been on the market for months, after the real estate investment trust Ashford Hospitality Trust Inc, defaulted on its $32.5 million loan on the hotel last year. In 2007, the 34-year-old hotel was sold to Ashford for $40 million.

From The Detroit News: http://detnews.com/article/20101020/...#ixzz12xe4OD00

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