Glenmont Plans $10 Million Renovation for Holiday Inn Express & Suites
New York-based Glenmont Capital Management, a private equity investor, purchased a 241-key hotel in Detroit from Newport Beach-CA VIC Partners. The Holiday Inn Express & Suites sold for an undisclosed price.
The hotel will undergo a $10 million renovation, with construction slated for the fourth quarter of 2018, and rebranded to an upscale boutique Hotel Indigo, according to the buyer’s release.
The 17-story, 206,800-square-foot structure at 1020 Washington Blvd. is three blocks from District Detroit, a $1.2 billion mixed use development across from the Detroit Tigers’ Comerica Park stadium.
“Detroit has experienced a resurgence as new technology and other jobs, developments and investments drive the city’s post-bankruptcy revival,“ said Lawrence Kestin, managing principal at Glenmont.
Glenmont has acquired more than $1.8 billion in commercial properties since the firm’s launch in 2000, its website states.
