Downtown Hospitality Detroit acquires The Royal Palm/Park Avenue Hotel
Mario Kiezi and Mike Abdulnoor’s firm Downtown Hospitality Detroit has bought historic hotel in downtown Detroit.
L.Mason Capitani CORFAC International’s Senior Vice President Al Iafrate represented both the buyer and the seller in the transaction. Besides, the seller was Harrington family. The final sale price was not disloced, the asking price was $15 million. A hotel brand will be announced at a later date.
In addititon, the new owners will restore the building. It is scheduled to begin later this year. The upgrades are expected to include two restaurants on the first floor and a rooftop bar.
Completed 1925 the hotel was designed by The Louis Kamper. The 13 storey The Royal Palm/Park Avenue Hotel is located at 2305 Park Ave.
Source: CP Executive
Fulya Altunyay/ [email protected]