  Detroitman Member Username: Detroitman Post Number: 898 Registered: 06-2004 Posted From: 216.78.38.23 |
http://www.crainsdetroit.com/c gi-bin/news.pl?newsId=7871 Strather-led investment group buys St. Regis Hotel By Robert Ankeny Feb. 02, 2006 5:29 PM A group of African-American investors led by Detroit entrepreneur Herb Strather has bought the St. Regis Hotel. Strather said that St. Regis Detroit Partners L.L.C. includes 15 Detroit area ministers, called Detroit 20/20, and some members of his “Motown Legends Casino” group of entertainers who are supporting an Internet gambling site he soon hopes to launch in 64 countries. Online gambling is prohibited in the U.S. Strather declined to say what his group paid Coral Gables, Fla.-based St. Regis Holdings L.L.C. for the hotel on West Grand Boulevard west of Woodward Avenue. Real estate sources said the listing price was around $8 million. City records show the hotel was sold in 2001 for $6.5 million. Strather said 124 hotel rooms in the six-story hotel were recently renovated and the kitchen and restaurant are to be upgraded. A second section of the hotel that had contained about 100 rooms is being converted to hotel condominiums, Strather said. His group also plans to buy that section. “The 35 condos will be offered with all hotel amenities, include valet and room service, a luxury spa and exercise rooms,” Strather said. Located in the heart of the New Center area, the St. Regis suffered from spotty occupancy even before General Motors Corp. moved its headquarters from its longtime home across the street from the St. Regis to the Renaissance Center. The state in 2002 took over the former GM complex, now called Cadillac Place. For a brief period in early 2000, the hotel operated under the Holiday Inn flag. Subsequent owners lost the property to foreclosure. One, Remo Polselli, was sentenced June 2003 to 27 months in federal prison on a withholding-tax violation charge and was released Dec. 10, 2004. Another former owner, David Steele, is awaiting trial on drug- and money-laundering charges that involve accusations that the St. Regis was bought with illegal drug profits. | ||
Lmichigan Member Username: Lmichigan Post Number: 3135 Registered: 10-2003 Posted From: 67.172.95.197 |
What an odd pairing. But, I fear that simply because of its location, it won't really ever do very well until there is a light-rail line up Woodward and/or redevelopment hits the North End and the retail along Woodward north of this area, and that's years away. | ||
Lmichigan Member Username: Lmichigan Post Number: 3137 Registered: 10-2003 Posted From: 67.172.95.197 |
Actually, after thinking more about it, this is a very smart move. Reducing the hotel space by converting the extention into condominium usage will be great for keeping the hotel running, AND adding new residents to the area. Wasn't there a plan not too long ago to actually add floors to the expansion? I remember hearing about this all before for some reason... |
