Historic Park Avenue Hotel sold; renovations planned
Detroit —The historic Park Avenue Hotel in downtown Detroit has sold.
Downtown Hospitality Detroit LLC closed on its purchase of the 13-story, 180-room hotel at 2305 Park Avenue, according to L. Mason Capitani CORFAC International.
The sale price was not disclosed; however, its asking price was $15 million.
Downtown Hospitality Detroit LLC is owned by partners Mario Kiezi and Mike Abdulnoor who have experience in hospitality and retail real estate. Renovation plans include two restaurants on the first floor and a rooftop bar, according to L. Mason Capitani CORFAC International.
Work is expected to be complete in late 2020.
The former hotel had been turned into affordable rental housing downtown that received no federal subsidies, according to Michigan State Housing Development Authority.
The real estate transaction drew some early criticism when tenants in October initially received 30-day notices to move in anticipation of the change in ownership. After some intervention from the city, tenants were told they could stay until June 30.
The late Wilbur Harrington and his wife operated the 1925 hotel since 1967. It was formerly known as the Royal Palm. The building was designed by renowned architect Louis Kamper.