OXFORD CAPITAL GROUP, LLC ANNOUNCES THE ACQUISITION AND COMPLETE RENOVATION PLAN OF THE HISTORIC 453 BEDROOM HOTEL WESTIN BOOK CADILLAC DETROIT |
CHICAGO, December 17, 2021 / PRNewswire / – Continuing its national opportunistic investing activities, Oxford Capital Group, LLC today announced the acquisition and planned large-scale interior renovation of the iconic 453-room Westin Book Cadillac Detroit hotel, located at 1114 Washington Boulevard in the historic Washington Boulevard district in downtown Detroit. Oxford, along with its partner Taconic Capital Advisors, conducted complex negotiations with multiple stakeholders, ultimately culminating in the modification, restructuring and assumption of the commercial mortgage. As part of its investment commitment, Oxford and Taconic will lead a complete refresh of bedrooms, public spaces, meeting rooms and ballrooms over the next 24 months. The hotel will remain open and operational throughout the renovation period.
“The Book Cadillac is undoubtedly that of Detroit most emblematic hotel asset. We are excited to announce this acquisition and look forward to strategically modernizing and refreshing the property so that it remains a market leader downtown. Detroit as the city and nation continue on their post-COVID recovery trajectory, ”said John W. Rutledge, founder, president and chief executive officer of Chicagobased at 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 Westin Book Cadillac was the tallest building in Detroit and the tallest hotel in the world when it opened in 1924, and has been one of the city’s top hotels for nearly 60 years. It closed for renovation in 1984 and sat empty for more than two decades, reopening in 2008. As part of their deal with Marriott, Oxford Capital Group is making a substantial investment in newly designed rooms and all public spaces, including the lobby, meeting rooms and ballroom. Historic property will be reinvented by Oxford in collaboration with The Gettys Group and Marriott as sophisticated and classic with sculptural elements refined by elegant details to create a luxurious and residential feel.
“We are delighted to have negotiated this very complicated transaction to acquire such a significant historic asset,” said Matthew Kalt, vice president of Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC. “The Westin Book Cadillac is a revered historic property in Detroit for nearly 100 years, centrally located, and we look forward to leading the hotel renovation and continuing to be part of that of Detroit revitalization. “
Eric sitman, a director of Taconic Capital Advisors said: “We are delighted to complete our first transaction with the Oxford team and hopefully this will be the first in a long series. The Westin Book Cadillac represents a tremendous opportunity to add value to one of the most historic and iconic assets of all Detroit. Our partnership is delighted to improve the positioning of the hotel through a complete renovation as a city of Detroit, along with the rest of the world, are recovering from COVID. “
About Oxford Capital Group, LLC and Oxford Hotels & Resorts, LLC
Oxford Capital Group, LLC is an award-winning international property investment, development and management firm focused on large-scale acquisitions, developments, redevelopments and operation-intensive real estate. Oxford, its affiliates and executives have been involved in nearly $ 4 billion real estate and private equity investments, with a primary focus on the hotel industry (over 15,000 hotel rooms); mixed-use projects rooted in the hotel industry, including multi-family (more than 1,000 units); housing for the elderly (over 3,000 units); urban retail; and parking. Oxford Hotels & Resorts, LLC is its wholly owned hotel management and asset management subsidiary specializing in the operation, management, asset management and branding of distinctive and upscale luxury hotels, as well as venues. catering. Its growing national portfolio of luxury hotels and brands includes Audrey, Cass, Felix, Godfrey, Griffon, Julian, King George, Le Méridien Essex Chicago, LondonHouse, Los Gatos, Porter, Thompson (Chicago), Versey and Vertigo. It also has a growing collection of restaurants, rooftops, bars, and pool-centric food and drink spots. These include About Last Knife (ALK), I | O Rooftop, LH Rooftop, Ruka, Spa Boutique, SX Sky Bar and WTR. Oxford Living, LLC is its platform for investment and management of housing for seniors. Oxford Residential, LLC is its multifamily development subsidiary.
About Taconic Capital Advisors
Taconic Capital is a global institutional investment firm pursuing an event-driven multi-strategy investing approach dedicated to generating strong risk-adjusted returns over multiple market cycles. Taconic was founded in 1999 by former partners of Goldman Sachs, Frank brosens and Ken brody. The company has offices at New York, London and Hong Kong with more than 100 employees worldwide.
Taconic’s vertically integrated commercial real estate business is focused on difficulties and invests in all asset classes as well as top-to-bottom capital structure, from joint venture stocks to senior debt. Taconic benefits from differentiated relationships and supply channels, including special CMBS services as well as a strong network of lenders, operators and investor partners across the United States. Taconic’s commercial real estate investments to date represent approximately $ 2.6 billion of value and over 150 separate transactions.
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SOURCE Oxford Capital Group, LLC