Finance V Michigan

Bernard Financial Group closes acquisition loan for historic Detroit hotel

Bernard Financial Group recently closed a loan with Bank of Ann Arbor for the acquisition and renovation of the historic St. Regis Hotel in Detroit’s New Center community.

Built in 1966, the 125-room hotel was once Detroit’s upscale destination. The hotel hosted foreign dignataries and rock stars.

The loan, orginated by Bernard Financial Group’s Dan Duggan, is part of a turn-around strategy by a local group of investors, the Invictus Equity Group. The ownership plans to renovate the hotel’s rooms, improve the restaurant offerings and add a rooftop patio.