NEW YORK–Glenmont Capital Management, LLC, a New York-based real estate investment firm led by Managing Principal, Lawrence A. Kestin, announced the acquisition of the 241-key Holiday Inn Express & Suites Detroit Downtown. The property will undergo a comprehensive $10 million renovation and upon completion will be rebranded to an upscale boutique Hotel Indigo. Construction is scheduled to commence in late 2018.
Located at 1020 Washington Boulevard in downtown Detroit, the hotel contains 2,000 square feet of meeting space, a business center, fitness center and rooftop pool. The hotel is conveniently situated among the CBD’s 16.8 million square feet of commercial office space, in close proximity to redevelopment and adaptive use projects driving Detroit’s renaissance, including District Detroit, a $1.2 billion mixed use development that will transform Detroit’s downtown into a multifaceted lifestyle environment.
It is anticipated that the rebranding to a Hotel Indigo will help capture new office demand generated by growing technology and automotive sectors, office relocations from suburban Michigan to Detroit’s CBD, increasing leisure demand generated from new downtown sporting and entertainment venues, and a robust near-term convention calendar.
“We continue to believe there exists today compelling development, redevelopment and repositioning opportunities in select domestic markets which have exhibited strong economic and demographic growth,” said Mr. Kestin. “Our plan to implement a comprehensive renovation and to reposition the hotel to a boutique Hotel Indigo presents one such opportunity and Detroit represents such a market. Detroit has experienced a resurgence as new technology and other jobs, developments and investments drive the city’s post-bankruptcy revival.”
