L. Mason Capitani CORFAC International closed the sale of The Royal Palm/Park Avenue Hotel at 2305 Park Ave. in Detroit to Downtown Hospitality Detroit LLC.
The Royal Palm/Park Avenue Hotel is a 13-story structure, 180-room hotel designed by Detroit architect Louis Kamper in 1925.
The new ownership plans a full restoration of the hotel, two restaurants on the first floor and rooftop bar venue. Completion of these renovations are targeted for late 2020.
The final sale price was not disclosed, but the hotel was on the market for an asking price of $15 million.
Al Iafrate with L. Mason Capitani represented both Downtown Hospitality Detroit and the former owner in this deal.