Historic Hotel in Downtown Detroit Changes Hands
An LLC led by partners Mario Kiezi and Mike Abdulnoor bought The Royal Palm/Park Avenue Hotel and are planning a full restoration of the asset.
2305 Park Ave.
Mario Kiezi and Mike Abdulnoor’s firm Downtown Hospitality Detroit has bought The Royal Palm/Park Avenue Hotel, a 180-key hotel in downtown Detroit.
The previous owners, the Harrington family, operated the property since 1967. L. Mason Capitani CORFAC International’s Senior Vice President Al Iafrate represented both the buyer and the seller in the transaction. Although the final sale price was not disclosed, the asking price was $15 million.
The Royal Palm/Park Avenue Hotel is located at 2305 Park Ave. The Louis Kamper-designed building was completed in 1925 and stands 13-stories tall. In 1996, it was listed on the National Register of Historic Places.
The new owners are planning a complete restoration of the building, which is scheduled to begin later this year. The upgrades are expected to include two restaurants on the first floor and a rooftop bar.
Earlier this month, L Mason Capitani arranged the sale of an office building within the Butterfield Park Place office park in Troy, Mich.
Image via Google Street View
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