DEARBORN (WWJ/AP) – A hotel management company says it’s canceled plans to buy the 772-room Hyatt Regency hotel in Dearborn.
Carlson Rezidor Hotel Group said in a statement Wednesday that it had “agreed to terminate the previously announced management agreement” with Royal Realties LLC for the hotel.
It’s unclear which party pulled out of the deal first.
Carlson, based in Minneapolis and Brussels, announced Sept. 25 that it had signed the agreement to take over the newly renamed Radisson Hotel & Conference Center in Dearborn, effective later this year.
Carlson promised it would immediately start a “multimillion-dollar renovation” of the hotel, which is near the 160-store Fairlane Town Center mall.
Royal Realties LLC bought the 14-story hotel last year. At the time, Hyatt Hotels Corp. agreed to manage the hotel. This past May, however, Hyatt announced that it would no longer manage the hotel after its current contract expires Oct. 31.
The owner is now in conversations with other potential operators for the hotel.
TM and © Copyright 2012 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2012 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.