November 2, 2016
GFI Capital Resources Group Inc. has purchased the 198-room, 10-story Hilton Garden Inn in downtown Detroit. The New York hotel developer and owner paid $25.6 million for the 12-year-old hotel. The amount was approximately $4 million higher than what the hotel was valued for at the end of last year.
The hotel at 351 Gratiot Ave. delivered in 2004, then ended up a troubled asset when developer Ferchill Group missed a payment to lender Citigroup. The hotel went into default, Citigroup took possession of the asset and transferred it to special servicer CW Capital in 2010. The hotel went up for auction last summer, attracting many bidders.
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