03/16/2012 08:34 am ET

Financial Woes Cast Shadow On Book Cadillac

By Robert Snell, Detroit News

The Westin Book Cadillac avoided defaulting on a $15 million loan this month after a city pension fund intervened, raising questions about the health of a landmark hotel and symbol of the city's economic redevelopment.

The Detroit Police and Fire pension fund made a partial interest payment March 1 after hotel owner John Ferchill outlined the Book Cadillac's financial condition.

Wikimedia photo by Sk8terjacob.

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