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Southeast Michigan investment group buys Detroit Troy Marriott

February 12, 2016

 

An investment group whose members are from Southeast Michigan has purchased the 350-room Detroit Troy Marriott hotel.

 

Gehad Hadidi, managing partner of Hadidi Capital, which has offices in Rochester Hills and New York City and advised the buyers on the Jan. 28 purchase, said members of the group have requested anonymity.

 

The hotel, at 200 W. Big Beaver Road, is expected to undergo renovations in the next 12 months, including to some of the hotel rooms’ bathrooms and fixtures, Hadidi said.

 

The sale price was not disclosed. But CoStar Group Inc., a Washington, D.C.-based real estate information service, lists the purchase price as $68 million, or $194,286 per room.

 

A deed for the property filed with the Oakland County Register of Deeds on Feb. 2 lists the new owner as SCA-100 LLC, with another entity, SCA Hospitality LLC, named in the document. SCA Hospitality LLC is registered to Jake Porritt, owner and associate broker of Troy-based Porritt Group PLLC.

 

Requests for comment to Porritt on Wednesday were referred to Hadidi. A follow-up voicemail was left with Porritt on Thursday.

The previous owner was Wheelock Street Capital LLC, a Greenwich, Conn.-based private equity firm.

 

Wheelock Street purchased the Detroit Troy Marriott as part of a $105 million three-hotel deal from affiliates of Sunstone Hotel Investors in September 2012.

 

The other hotels in that deal were the 257-room Hilton San Diego Del Mar and the 229-room DoubleTree Suites by Hilton Hotel Minneapolis.

Marriott International Inc. will continue to manage the Detroit Troy Marriott, Hadidi said.

 

Original Article: http://www.crainsdetroit.com/article/20160211/NEWS/160219968/southeast-michigan-investment-group-buys-detroit-troy-marriott

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