Book hotel developer emerges

[Allan]

Friday, January 23, 2004

Book hotel developer emerges

Ohio firm could step in to renovate Detroit landmark

By R.J. King / The Detroit News

DETROIT

[Allan]

Friday, January 23, 2004

Book-Cadillac gets second look

Cleveland-based developer Ferchill Group has solid record in restoring old buildings.

The 1,200-room Book-Cadillac Hotel at Michigan and Washington Boulevard in downtown Detroit operated from 1924-84. The building now is vacant.

By R.J. King / The Detroit News

A Cleveland-based developer in talks to renovate the vacant Book-Cadillac Hotel in downtown Detroit has a strong track record of restoring older buildings into hotels, residential lofts and shopping venues.

The Ferchill Group made a bid last year to renovate the Book-Cadillac, but Detroit development officials selected Dallas-based Historic Hospitality Investments LLC for the $146.8 million effort.

Ferchill Group now finds itself talking with city officials to redo the Book-Cadillac after Historic Hospitality, a division of consumer products giant Kimberly-Clark Corp., pulled out last week due to higher-than-anticipated construction costs and lower hotel occupancy projections.