One of the most recognizable buildings in Dearborn now has a new owner and very different plans for its future. The former Hyatt Regency, and most recently the former Edward Hotel & Convention Center, is now owned by New York's Rhodium Capital Advisors

The deal closed this week, according to multiple reports. The 773-room hotel will be converted to 375 market-rate apartments, while keeping the banquet room and rotating restaurant space on the 18th floor. The conversion is expected to cost $50 million, and expected to finish in 2023-24. The developer will explore a number of incentives to fund the project.

The Jonna Group brokered the deal, and the buyers were represented by Dearborn attorney Amir Makled represented the buyers.

The hotel has been vacant since 2018, when the last owner, Xiao Hua "Edward" Gong, was charged with fraud; the U.S. Marshalls Service had the building up for sale. It was the Hyatt Regency Dearborn until 2012, and was once the second largest hotel in Michigan. When built in 1976, it had a monorail to the Fairlane Mall across the street. It sits near the Southfield Freeway, close to the Ford Headquarters.