Downtown Detroit’s Holiday Inn Express and Suites has been acquired by Glenmont Capital Management, a New York-based real estate investment firm, Glenmont announced today. The property will undergo a $10 million renovation and be rebranded to an upscale boutique Hotel Indigo.
The renovation is scheduled to begin late this year. The hotel is located at 1020 Washington Blvd. among the central business district’s 16.8 million square feet of commercial office space.
The hotel contains 2,000 square feet of meeting space, a business center, a fitness center, and a rooftop pool. It is close to redevelopment and adaptive use projects, as well as the Westin Book Cadillac Hotel.
“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,” says Lawrence A. Kestin, managing principal of Glenmont.
“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.”
Glenmont was founded by Kestin in 2000 and targets middle-market turnaround situations in strong secondary cities with economic and demographic growth.