After buying the former Omni hotel, Mike Roberts thought the 108-room structure on the Detroit riverfront would be good for either senior housing or as a hotel.

So he chose both.

In April, he plans to open Roberts Riverwalk Hotel & Residence with 54 hotel rooms and 54 senior housing units. He said the unique combination will work well together as a business model.

"The senior residence side of things will give us a consistency in cash flow and income," he said. "And then from an operational standpoint, we're running a much smaller hotel."

The investment is Roberts' first entry into the Detroit market.

Roberts is CEO of the St. Louis-based Roberts Cos. His brother Steven is president. They've built a portfolio of 12 hotels in eight states, among them the Roberts Walthall Hotel in Jackson. The company portfolio also includes five apartment projects and two retail properties, along with three television stations and a radio station.

"America won't let its great cities die," he said. "And with the people here, and the energy, this is an opportunistic move for me."

The hotel was owned and operated by Irving, Texas-based Omni Hotels & Resorts. The company closed the hotel on Oct. 12 and sold it to Roberts in November. Roberts would not comment on the sale price, citing a confidentiality clause with Omni.

He plans to operate the hotel side without a franchised affiliation and position it as an upscale, boutique property.

Stephanie Donaldson, who will be the residential manager, said there is growing demand and little supply for high-end senior living and environments where the seniors can interact with a younger population.

"Most seniors don't want to live only with other seniors," she said. "They want to be around people of all ages."

She said the senior rates have not been set yet, but will likely start at $2,000 per month.

The other selling point, she said, is the access the seniors will have to the 24-hour hotel amenities.


Continued at: http://www.crainsdetroit.com/article...enior-housing#