04/03/2012 08:59 am ET

Detroit's Shuttered Hotel Pontchartrain Finds A Buyer

By Louis Aguilar, Detroit News

The 25-story Detroit hotel that once was an upscale landmark has a new owner who plans to renovate it as a Crowne Plaza hotel, an attorney who brokered the deal said Monday.

The sale of the former Hotel Pontchartrain across from Cobo Center closed last week, said David Findling, the court-appointed receiver who has controlled the downtown property since 2009 after the building went into foreclosure. He wouldn't disclose the sale price or the buyer.

Flickr photo by gab482.

Read more on Detroit News