Sale of Dearborn Hyatt Now Official
It appears the $12.5 million sale of the Hyatt Hotel in Dearborn is finally official. We reported it had been sold back in August on these pages didn’t have the name of the buyer (see earlier story, HERE.)
In a press release issued Friday, HREC Investment Advisors says the purchaser was Royal Realties, LLC, a group of overseas investors.
The sale of the 772 room hotel was handled by Mike Cahill, CEO and founder of HREC. As the court appointed hotel receiver, Capital Hotel Management was the named seller of the asset acting on behalf of the special servicer.