DETROIT – A Chicago-based property management company has purchased Detroit’s Westin Book Cadillac hotel and plans to fully renovate its interior.
Oxford Capital Group, LLC on Friday announced that it has acquired the historic 453-room hotel in Downtown Detroit in partnership with Taconic Capital Advisors. The company says it plans to update the hotel’s guest rooms, public space, meeting rooms and ballrooms over the next two years.
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“The Book Cadillac is arguably Detroit’s most iconic hotel asset. We are excited to announce this acquisition and look forward to strategically upgrading and refreshing the property so that it remains a market leader in downtown Detroit as the city and the nation continue their post-COVID recovery trajectory,” says John W. Rutledge, Founder, Chairman, and Chief Executive Officer of Chicago-based Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC. “We worked closely with various city agencies on this complex transaction and are grateful for their support.”
The huge, iconic building, previously known as the Book-Cadillac Hotel, first opened in 1924 before closing in 1984 for two decades. It reopened in 2008 following a $200 million reconstruction project. Earlier this year, the hotel went into foreclosure after struggling with pandemic-related closures and restrictions.
The new buyers say the hotel will remain open to the public while undergoing renovations for the next 24 months. In agreement with Marriott, Oxford Capital Group plans to implement a total redesign of the interior that will be “sophisticated and classic,” creating a “luxurious and residential feel.”
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