CooperWynn Capital has completed the successful loan modification for the Hotel Indigo Detroit Downtown on behalf of the ownership group.
The property features 241 rooms with 48 suites, an on-site restaurant, a fitness center and more than 1,750 sq. ft. of meeting space. The modification allows the ownership group to maintain its current loan while replacing historic costly covenants and provides flexibility in the immediate future.
“CooperWynn was able to create a competitive debt process for the hotel at a time of lender uncertainty last fall,” said Brian Patrick Martin, co-managing partner, HPI Hotel Opportunity Fund LLC, the ownership group. “As a result, we were able to restructure our existing loan, reduce borrowing costs and modify certain covenants that will both allow for added flexibility and improve financial performance. Their involvement in the process was essential to our successful restructure.”
Located in downtown Detroit, the property offers views of the Detroit Riverfront and is near Ford Field, Little Caesars Arena and the Detroit Institute of the Arts.
“In today’s dynamic market, we recognized the importance of a comprehensive marketing process to explore the full spectrum of options for this asset,” said Stan Kozlowski, principal, CooperWynn Capital. “Following a thorough evaluation, the existing lender presented the most compelling solution, strategically aligned with ownership’s long-term vision.”
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