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Princeton Enterprises Acquires the Milner Hotel In Detroit

Princeton Enterprises purchases The Milner Hotel

Bloomfield Hills, Mich., January 3, 2013 — Princeton Enterprises a privately held real estate investment company based in Bloomfield, Hills, Mich. is pleased to announce the purchase of The Milner Hotel located in Detroit, Mich.

The transaction closed on October 9, 2012, with Princeton Enterprises acquiring the historical family-owned hotel from the Milner family.

Originally developed as the Henry Clay Hotel in 1917, the building was converted to The Milner Hotel in the 1930’s and operated as such until the doors closed on October 31, 2012. The ten-story hotel, situated on the quaint tree-lined Centre Street, was the oldest continuously operated hotel in Detroit’s history, and enjoys one of the best locations within the city limits.

Princeton intends to transform the historical hotel into a mid-rise apartment building that will be known as The Ashley, with possible commercial and office space available for lease on the ground floor. Princeton is in the development stage and is working closely with the city to make sure their visions for the neighborhood are aligned.

Location is the key component to The Ashley, which is within walking distance of the Detroit Athletic Club, Ford Field, Comerica Park, Fox Theater, Detroit Opera house, and numerous restaurants, shops, and nightclubs. The Detroit People Mover, located just a block away, also provides quick and inexpensive transportation to other downtown venues.

“The Ashley, formerly the Milner Hotel, is an iconic building and a very exciting acquisition for Princeton. We know this purchase comes with a tremendous amount of responsibility to redevelop the property and find its niche in the downtown area,” commented Matthew B. Lester, Founder and Chief Executive Officer of Princeton Enterprises. “Princeton looks forward to offering its 20 years of professionally acquiring and managing multi-family residential properties to enhance the great work that is currently being done in Detroit.”

For additional information on this announcement or Princeton Enterprises, please contact Michele Dreer at (248) 683-2500 or mdreer@prinmgmt.com.

Princeton Enterprises, L.L.C., located in Bloomfield Hills, Mich., is a premier real estate acquisition, development, and property management company that enjoys one of the finest reputations for successfully acquiring, repositioning and operating a diverse portfolio of real estate assets. Founded in 1994 by Matthew B. Lester, the company has grown to 450 employees, overseeing more than 80 properties and 15,000 individual apartment units in eight states, including Michigan, Ohio, Indiana, Kentucky, Georgia, Florida, North Carolina and South Carolina.

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