Auction of former Dearborn Hyatt ends with $5.9M bid [Yahoo! Finance]
CoStar Group, Inc. (CSGP)
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Source: Yahoo! Finance
The identity of the triumphant bidder for the empty 18-story, 773-room property, once the second largest hotel in Michigan, was not immediately known. The auction began Monday and ran until just after 2:45 p.m. Wednesday on the Ten X commercial auction website. The hotel has sat empty since December 2018 and last operated as the Edward Hotel & Convention Center. It was shut down in the days before Christmas by city of Dearborn officials for alleged code violations and maintenance issues. The property later was forfeited by its then-owner, Edward Gong, a Chinese national living in Canada, who faced criminal charges at the time that eventually were withdrawn. Gong bought the hotel for $20 million in 2016. In a 2021 sale handled by the U.S. Marshals, the hotel sold for $18.25 million to New York-based Rhodium Capital Advisors, which went on to announce plans — never fulfilled — to transform the empty hotel into apartments. More recently, a Rhodium-linked entity defaulted on the
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CSGP
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- 7/23/24 - Beat
CSGP
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- 8/5/24 - Form 4
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- 8/5/24 - Form 4
- CSGP's page on the SEC website