108-area boutique lodge on Detroit riverfront now for sale for $26M
A 108-place boutique hotel on Detroit’s east riverfront is now up for grabs.
Actual estate business Newmark Group declared Wednesday that the Roberts Riverwalk Lodge, 1000 River Put Generate, is officially on the marketplace.
Owner Michael V. Roberts is in search of both a consumer for the 112,000-sq.-foot resort and banquet center or to husband or wife with someone for a potential joint redevelopment enterprise at the 3.75-acre web page, such as a project involving residences.
“Correct now the asking cost is $26 million,” stated Roberts, a superior-profile businessman and lodge owner from St. Louis.
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Like several downtown-space hotels, Roberts Riverwalk skilled a major fall in small business for the reason that of the COVID-19 pandemic. It is now only open at lowered capacity Thursdays-Sundays by way of reserving.com.
“With COVID out in this article, there’s definitely no organization during the center of the week,” Roberts mentioned.
Constructed in 1902, the hotel developing is component of a complex that served right until 1981 as places of work and laboratories for pharmaceutical maker Parke-Davis Co. Just after Parke-Davis left, the intricate turned Stroh River Put and the making was turned into the River Location Inn in the late 1980s.
The Stroh household bought the hotel in 1993, and five a long time afterwards, it was purchased by Omni Accommodations and underwent a name change to Omni Detroit Lodge at River Position.
In 2010, the Omni lodge closed. Soon thereafter, Roberts bought the resort and undertook $5 million in renovations to reopen it, together with the set up of a swimming pool and a new 5,500-sq.-foot conference centre.
“The prospect to purchase an established landmark alongside with coveted waterfront land is scarce,” Larry Emmons, a senior handling director at Newmark, claimed in a assertion saying the property’s listing.
The the latest prospective buyers of the close by UAW-GM Center for Human Resources complex mentioned they the moment regarded buying the Roberts Riverwalk Resort as perfectly in a separate offer, but transformed their plans.
Roberts mentioned that providing the lodge was a challenging decision for him to make.
“A smart entrepreneur has to be well prepared to pivot when situations call for a various attitude,” he explained.
ContactJC Reindl at313-222-6631 or [email protected]. Comply with him on Twitter @jcreindl. Study more on enterprise and signal up for our business enterprise publication.
