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A joint venture has completed the purchase of the historic Westin Book Cadillac hotel downtown after a lender threatened foreclosure on the previous owner. The JV between Chicago-based hotel developer Oxford Capital Group LLC and New York City-based hedge fund Taconic Capital Advisors LP has…
Westin Book Cadillac (Photo: Wikimedia Commons/Sk8terjacob) The Westin Book Cadillac hotel is facing foreclosure due to plummeting revenues amid the pandemic, its owner tells Crain's Detroit Business. The 33-story tower was rehabbed in 2008 for $180 million. According to Crain's, owner John Ferchill is underwater with $77 million in commercial mortgage-backed securities debt that has been delinquent since May. The property is valued at $75 million. Ferchill says he's been unable to come to an agreement with his lender, Citi Real Estate Funding Inc. "We are not unique," Ferchill said. "...
The owner of one of the landmark redevelopment projects in the city this century says his property is headed into foreclosure after months of missed loan payments. John Ferchill, who owns the Westin Book Cadillac hotel in downtown Detroit, said in an email that although the property hasn't been…
Cleveland-based owner of Detroit's Westin Book Cadillac says his hotel is heading into foreclosure KIRK PINHO/CRAIN'S DETROIT BUSINESS Property underwater, valued at $74.6 million, less than its CMBS loan debt of $77 million High-rise's 2008 redevelopment one of the key downtown projects this century CoStar Group Inc. The owner of the Westin Book Cadillac hotel in downtown Detroit said his lender is foreclosing on the property after months of missed payments. The owner of one of the landmark redevelopment projects in Detroit this century says his property is headed into foreclosure after mont...
December 22, 2020 03:32 PM Westin Book Cadillac in Detroit, owned by Cleveland's Ferchill Group, is underwater on a $77 million loan as value plunges in pandemic KIRK PINHO/CRAIN'S DETROIT BUSINESS Hotel worth $74.6 million, is months behind on $77 million in CMBS debt Hospitality industry battered in COVID-19 pandemic; others also late on debts CoStar Group Inc. The Westin Book Cadillac in downtown Detroit is now worth less than it owes, according to Trepp LLC. In the latest sign of distress in the hotel market, the Westin Book Cadillac in downtown Detroit is now underwater on its commercial...