California firm to help finance Book-Cadillac renovation
The equity firm Chevron TCI is expected to help secure $60 million in financing to renovate the vacant historic hotel into a 400-room lodge and 58 luxury condos.
Excerpts from article:
Chevron TCI Inc. would provide more than a third of the funds needed to help finalize a $163 million renovation plan for the hotel site. If all goes as planned, the historic building would reopen in 2008 as the Westin Book-Cadillac Hotel.
Wayne County is also being asked to invest $2 million in the renovation of the 33-story structure at Washington and Michigan that operated from 1924 to 1984.
The remaining financing is made up of private and public funds. The Internal Revenue Service ruled last summer to allow for tax deductions for the renovation, a decision that delayed the project by several months.
The developer of the Book-Cadillac, Cleveland-based Ferchill Group, recently built a 198-room Hilton Garden Inn in Detroit’s Harmonie Park. For the Book-Cadillac, Ferchill Group plans to operate the facility as a full-service Westin offering dining and conference space.
Chevron TCI recently bought $2.7 million in tax credits as part of a $16 million renovation of the Kales Building in downtown Detroit into 119 apartments.
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