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Sale of Detroit Hotel Comes in Near Market’s Historic Highs
In one of the highest recorded transactions per key in Detroit history, GFI Hospitality has sold the 198-key Hilton Garden Inn Detroit Downtown for $51.4 million. The buyer was reportedly a group led by Inland Realty.
After purchasing the property in October 2016, GFI delivered a $4-million property improvement plan in 2017 and doubled the hotel’s NOI in just over two years. Occupancy, average daily rates and RevPAR grew year-over-year by 17.1%, 12.8% and 32%, respectively.
“We saw an opportunity to renovate and reposition this property as a premier hotel in downtown Detroit,” said Allen Gross, chairman and CEO of GFI. “The area is undergoing a major development resurgence, and along with that has come a steadily expanding hospitality market.”
Management of the Hilton Garden Inn will be transferred from Crescent to SuperHost Enterprise, which operates 18 properties throughout the Midwest and in Texas, Colorado and Virginia.
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