CHICAGO—Continuing its national opportunistic investment activities, Oxford Capital Group, LLC announced the acquisition and planned full-scale interior renovation of the 453-room Westin Book Cadillac Detroit Hotel, located in the Washington Boulevard Historic District of downtown Detroit. Oxford, along with its partner Taconic Capital Advisors, led complex negotiations with multiple constituents, ultimately resulting in the modification, restructuring, and assumption of the commercial mortgage-backed security loan. As part of its investment commitment, Oxford and Taconic will lead a comprehensive refresh of the guestrooms, 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. 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,” says John W. Rutledge, founder, chairman, and CEO of Chicago-based Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC. “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. As part of their agreement with Marriott, Oxford Capital Group is making a substantial investment into newly designed guestrooms and all public spaces, including the lobby, meeting rooms, and ballroom. The property will be reimagined by Oxford in collaboration with The Gettys Group and Marriott with sculptural elements refined by 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 Group, LLC and Oxford Hotels & Resorts, LLC. “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.”
Eric Sitman, a director with Taconic Capital Advisors, says, “We are excited to execute on our first transaction with the Oxford team and hope it is the first of many. The Westin Book Cadillac represents a tremendous value-add opportunity for one of the most historic and iconic assets in all of Detroit. Our partnership looks forward to improving the hotel’s positioning through a comprehensive renovation as the city of Detroit, along with the rest of the world, recovers from COVID.”
