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Financial Foibles

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One of Detroit's classiest renovation gems, The Book Cadillac (part Westin Hotel, part residences, and home to Roast) is a bit broke right now. The owner has missed payments on a $9 million loan and they are saying that it just avoided defaulting on a $15 million loan thanks to a city pension fund. It's been three years since the opening that followed an $180 million restoration and only nine or 10 of the 67 luxury condominiums have sold while room rates for the hotel are running low. Perhaps you should do the right thing for Detroit restoration efforts and take your mistress this weekend as a service to the city. [The Detroit News]