Wednesday, Sep 28, 2016
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Automotive

GM unit buys hotel, parking near firm's HQ

DETROIT — A subsidiary of General Motors Co. has purchased part of a mixed-use commercial property that is across the street from the Renaissance Center, GM's world headquarters in downtown Detroit.

Forest City Enterprises Inc., a Cleveland-based real estate company, announced this week that it had sold the Millender Center's hotel, parking facility, and retail and office space to the GM subsidiary, Riverfront Holdings Inc., for $37.8 million.

A General Motors spokesman said the automaker has not occupied the center's commercial property but has used the parking deck.

GM bought its Renaissance Center headquarters in 2008 for $626 million.

It had leased space since moving into the riverfront complex in 1996.

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