"Oh how the mighty have fallen."
From this week's Crains... Full Article HereDoran 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.
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