Oxford Capital has announced the acquisition of the Westin Book Cadillac, with a renovation planned for the hotel. Oxford partnered with Taconic Capital Advisors on the complex negotiations for the historic property.
The group plans to spend about $16.5 million on the renovation of the 453-room hotel, which should take about two years to complete. It will include updates to meeting rooms, ballrooms, public spaces, and guest rooms. Oxford Capital will work with Marriott on the refresh, in collaboration with The Gettys Group.
The building faced potential foreclosure earlier this year. Oxford Capital has been busy in Detroit this past year. Under Oxford Perennial, they're leading development of the Godfrey Hotel and a neighboring mixed-use project in Corktown.
“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 Chief Executive Officer 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 Book Cadillac opened in 1924 and was designed by Louis Kamper. It closed in 1984, and underwent a $190 million two decades later, reopening in 2008.
The Book Cadillac sits just down Washington Boulevard from Book Tower, which is also undergoing a long-awaited renovation and will reopen in late 2022 with a hotel and residences.
