A landmark hotel in Detroit is set to be sold for a bargain-basement price next week.
The Hotel St. Regis is to be sold for $850,000 after a Thursday auction for the bank-owned property.
Bidding started at $350,000, with three groups bidding on it, said Barry Lefkowitz, managing director of the Southfield-based turnaround firm BBK, which is acting as receiver for the 225-room hotel.
The winning bidder was St. Regis Sky Group LLC, Lefkowitz said. According to state records, the president and CEO of Lakeshore TolTest Corp., Avinash Rachmale, is part of that investment group.
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