M1T Capital Partners is beginning their second attempt to acquire the former Dearborn Hyatt Regency.
The New York City-based hedge fund, which backed a failed joint effort with Atmosphere Hospitality Management to buy the 772-room hotel and conference center over the past couple of years, last week submitted a formal bid of its own to acquire it.
If successful, M1T plans to bring back Highlands Ranch, Colo.-based Atmosphere Hospitality to manage the property — now operating as the Royal Dearborn Hotel & Conference Center — said Anthony Gude, co-executive director of M1T.
"Detroit is our generation's chance," said Gude, who leads the firm with co-Executive Director Steven Schlamann, 29.
Even as it bids on the Dearborn hotel, M1T said it is negotiating to become an investor in the renovation of the former Holiday Inn of Southfield, a project reported in Crain's in late July.