The long-anticipated $176 million financing
package to restore the Book-Cadillac Hotel, once a symbol of Detroit
money and style, will be declared a sealed deal on Tuesday, June 27, according
to a spokesman for the Cleveland developer behind the project.
The
announcement will come at a 5 p.m. event at the Detroit Athletic Club,
where Detroit Mayor Kwame Kilpatrick and developer John Ferchill will
unveil plans to renovate the 33-floor downtown skyscraper that closed
22 years ago, said Bob Berg, a Detroit-based spokesman for Ferchill,
the Ohio developer.
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