Mathis says the group plans to renovate the entire structure. The group plans to affiliate the hotel with the Hilton or Sheraton chains.
The hotel was previously owned by Irving, TX-based Highgate Holdings Inc. It was recently returned to its creditor, GE Capital, and was to have been auctioned March 8. That auction has been canceled, according to auction service Tranzon Bippus.
The Pontchartrain has 384 rooms and 110 employees. It also has a bar, restaurant, banquet center and 168-space parking garage.
The Pontchartrain, which opened in 1965, is located across the street from the Cobo Center in Downtown Detroit. Each of its rooms offer a view of the Detroit River.
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