Real estate investment firm Glenmont Capital Management has acquired the Holiday Inn Express & Suites Detroit Downtown hotel in the US.
The 241-room property will be rebranded to an upscale boutique Hotel Indigo after completing a comprehensive $10m renovation. Construction is set to start this year.
The hotel is located at 1020 Washington Boulevard in downtown Detroit and features 2,000ft² of meeting space, a business centre, fitness centre and rooftop pool.
It situated among the CBD’s 16.8 million square feet of commercial office space and is close to redevelopment and adaptive use projects.
Glenmont Capital Management managing principal Lawrence Kestin said: “We continue to believe there exists today compelling development, redevelopment and repositioning opportunities in select domestic markets which have exhibited strong economic and demographic growth.
“Our plan to implement a comprehensive renovation and to reposition the hotel to a boutique Hotel Indigo presents one such opportunity and Detroit represents such a market.
“Detroit has experienced a resurgence as new technology and other jobs, developments and investments drive the city’s post-bankruptcy revival.“
The rebranding to Hotel Indigo is expected to help capture new office demand generated by growing technology and automotive sectors.
Glenmont Capital Management is focused on real estate investments throughout the US.