Book-Cadillac renovation plans call for 455 hotel rooms, 66 condos
A Cleveland developer has officially announced plans for the $176 million renovation of the shuttered, landmark Book-Cadillac Hotel, which would reopen with about 455 hotel rooms and 66 condos in spring 2008.
Excerpts from the article:
John Ferchill, chairman of Cleveland-based Ferchill Group, said Nov. 2 that he plans to close the deal on Dec. 19. He said the hotel would reopen as the Westin Book-Cadillac, with 400 to 500 employees.
Plans also include 66 upper-floor, $300,000-plus condominiums, he said.
“We see a significant market for business meetings at the Book-Cadillac, which is one reason why we’re adding a 1,000-person banquet center adjacent to the hotel,” Ferchill told The Detroit News. He said it will “provide world-class luxury in downtown Detroit.”
Financing is expected to include a $50 million mortgage through Fifth Third Bank, a $18 million U.S. Department of Housing and Urban Development loan, about $11 million in Downtown Development Authority grants, about $60 million in historic-renovation and brownfield tax credits and about $12 million in carpenters union pension fund equity investment.
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