John Ferchill, president of the firm, tells GlobeSt.com after the conference that the project, which many thought would never get off the ground, is on track and on budget. "I was really impressed by how many people showed up at the conference, it's good to see so much confidence in Detroit," Ferchill says. His company has believed in the city, and opened a Hilton Garden Inn in the Downtown a few years ago.

He says most of the main rooms are done, and workers are now finishing the ballrooms and infrastructure. "Fifty-three of the 67 condos are sold," Ferchill says. The average price is about $500,000 per unit.

The 33-story hotel was once frequented by Presidents and early Hollywood's elite, but went vacant in 1984. Ferchill was able to arrange financing, with help by National City, to redevelop the historic building.

Tim Freisen, general manager of the 455-room hotel, said in a statement that reservations are brisk. "We have completely sold out for important events, such as the Final Four and the North American International Auto Show, as well as meetings and weddings," he said. The hotel will feature three ballrooms, 13 meeting rooms, a street-level café and other amenities.