Oxford Capital Group, a real estate investment, development, and management firm based in Chicago, today announced it has acquired the 453-room Westin Book Cadillac Detroit Hotel and plans a full-scale interior renovation.
The historic hotel is located in Detroit’s Capitol City district at 1114 Washington Blvd. As part of its investment commitment, Oxford and its partner Taconic Capital Advisors will lead a comprehensive refresh of the guest rooms, public space, meeting rooms, and ballrooms over the next 24 months. The hotel will remain open and operational throughout the renovation period.
“The Book Cadillac is arguably Detroit’s most iconic hotel asset,” says John W. Rutledge, founder, chairman, and CEO of Oxford Capital. “We are excited to announce this acquisition and look forward to strategically upgrading and refreshing the property so that it remains a market leader in downtown Detroit as the city and the nation continue their post-COVID recovery trajectory. We worked closely with various city agencies on this complex transaction and are grateful for their support.”
The Westin Book Cadillac was the tallest building in Detroit and the tallest hotel in the world when it opened in 1924 and was one of the city’s top hotels for nearly 60 years. It closed for renovations in 1984 and remained empty for more than two decades, reopening in 2008.
The historic property will be reimagined by Oxford in collaboration with The Gettys Group, a Chicago-based interior design firm, and Marriott, the international hospitality company based in Bethesda, Md., as sophisticated and classic with sculptural elements refined by elegant details to create a luxurious and residential feel.
“We are pleased to have negotiated this highly complicated transaction to acquire such a prominent historic asset,” says Matthew Kalt, vice president of Oxford Capital and Oxford Hotels and Resorts.
“The Westin Book Cadillac is a landmark property revered in Detroit for nearly 100 years, located in the center of the city, and we look forward to leading the renovation of the hotel and to continue to be a part of Detroit’s revitalization.”