Hotel St. Regis on West Grand Blvd. in Detroit's New Center area, used to be one of Detroit's premiere hotels.
But over the years, It has gone through its share of ups and downs and renovations and financial hardship.
Kirk Pinho of Crain's Detroit Business writes that sources tell him a local buyer has the hotel under contract for at least $10 million.
He reports:
Whom the buyer of the hotel, which has not actively been marketed for sale, remains unknown at this point. I’ve made at least a dozen calls on this, and no one can or will identify the mystery investor.
But apparently that’s none of the four developers that jointly bought the nearby Fisher Building and Albert Kahn Building earlier this summer for $12.2 million.
The new owner is expected to take over by November.