Former Hyatt Regency May Be 4-Star Hotel Again

DEARBORN, MI – The former Dearborn Hyatt Regency has a new owner that plans to return it to four- or five-star status.

The 14-story, contemporary-design hotel, located near Ford Motor Co.’s world headquarters, sold to an offshore group that has properties in the Toronto area, is now operating as the Edward Village Michigan, Crain’s Detroit Business reports.

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Michael O’Callaghan, executive vice president and COO of the Detroit Metro Convention & Visitors Bureau, told Crain’s the new owners plan to invest tens of millions of dollars to return the hotel to its former opulence.

The selling price wasn’t disclosed, but Robert Timsit, a member Israel-based Royal Realties LLC, which formerly owned it, told Crain’s that the owners wouldn’t take less than $35 million for it.

Royal Realties paid $15.5 million for the hotel in 2011 when the former owner defaulted on a $32.5 million loan.

» Read more on Crain’s.