Groups Rally to Help Detroit 3
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20081208-NEWS--0001-NAT-CCI-CD_-- 12/5/2008 6:44 PM Page 1 ® www.crainsdetroit.com Vol. 24, No. 49 DECEMBER 8 – 14, 2008 $2 a copy; $59 a year ©Entire contents copyright 2008 by Crain Communications Inc. All rights reserved THIS JUST IN AAA gives MGM Grand a Mortgage rates pair of 4-diamond ratings MGM Grand Detroit has earned two top honors in the hospitality industry, winning a pair of Four Dia- mond awards from Heathrow, Fla.-based AAA. dip, then ‘boom’ It marks the first proper- ty in Detroit to get the award for both a restau- rant and a hotel, winning Brokers beat drum; blitz of MORTGAGE RATE DROP for the 400-room hotel and Ⅲ What happened: During the the Saltwater restaurant. refinancing may save year week ending Nov. 28, the John Hutar, vice president national average for 30-year, of hotel operations, said he fixed-rate mortgages dropped to BY DANIEL DUGGAN the hole, said Brian Siebert, requested that AAA con- 5.47 percent from 5.99 percent CRAIN’S DETROIT BUSINESS president of Waterford Town- sider the hotel and Saltwa- the week before. ship-based Watson Financial ter two months after the Ⅲ What caused the drop: The The battered mortgage bro- Group. property Federal Reserve Board’s kers who’ve spent the last “We’ve had a few really opened last announcement to pledge $500 year under the dark cloud of a good days,” he said. “But November. billion for the purchase of credit crunch found a bright we’re still down 70 percent “For NATHAN SKID/CRAIN’S DETROIT BUSINESS mortgage-backed debt and $100 spot just before Thanksgiving from two years ago.” hoteliers, Ronnie Jamil, co-owner, Bella Vino Fine Wine billion for loans from Freddie when interest rates dropped Nonetheless, brokers aim to Mac and Fannie Mae. this is and Spirits in Farmington Hills, said delivery restrictions would affect about 20 percent of almost half a percentage keep the momentum going. Ⅲ what dri- The result: Nationally, his business. point. Mortgage brokers blasted refinancing applications more ves us,” he With the resulting surge in their recent clients with e- than tripled for the week ending said. “Af- business that spilled into last mails and phone calls last Nov. 28, compared with the ter I signed week, brokers have stepped week, and Web sites for finan- previous week. Overall, that letter, mortgage applications more than up their marketing efforts in cial institutions put links for I asked the doubled. Alcohol bill hopes of salvaging a rough refinancing programs front- staff if year. and-center. Source: Survey of mortgage they’re all At the very least, it’s a applications by the Mortgage Bankers in for this. Association. chance to start digging out of See Mortgages, Page 29 MGM Grand They were, so off we went.” uncorks The two awards will be the only new awards is- sued for Southeast Michi- gan during an event March biz concern 23 at the Detroit Marriott Renaissance Center. BY AMY LANE Groups rally to help Detroit 3 In Detroit, the only other Four Diamond properties AND NATHAN SKID are the Iridescence restau- CRAIN’S DETROIT BUSINESS rant at MotorCity Casino and LANSING – When Ronnie Jamil looks Efforts: Car-buying incentives, lobbying the Atheneum Suite Hotel. In at House Bill 6644, he sees some of his BY BILL SHEA IteroText itself will pay for 50 percent of its Southeast Michigan, there business in jeopardy. CRAIN’S DETROIT BUSINESS employees’ monthly lease or finance payment on are now 10 hotels and nine That’s because the bill, which would restaurants with the award. any new GM vehicle for two years. ban retailers from shipping wine and oth- As the debate rages in Congress and in living The highest possible rat- Offers on the site include discounts on space er types of alcohol directly to customers, rooms over federal aid for the U.S. auto industry, ing is five diamonds, an leases, printing and media services for auto sup- extends to catered events. local grassroots and professional ef- pliers and free car washes and free award held in Michigan “We are a unique wine shop in a nice only by the 1913 Room in forts are emerging to support govern- gas for buyers of new U.S. cars. neighborhood of people that like to be ment help for Detroit and to encour- HELPFUL IDEAS Birmingham-based MA Engineer- the Amway Grand in Grand catered to,” said Jamil, co-owner of Bella Rapids. age companies and their employees Have an idea or know ing has a listing offering its employ- Vino Fine Wine and Spirits in Farmington to buy U.S. vehicles. of a company or ees $100 a month for a year on pay- Nancy Cain, public-rela- Hills. “This is a competitive edge we have tions manager for AAA, Bloomfield Township-based Itero- organization doing ments for any new Chrysler L.L.C., over box chain stores, that we can offer Text Translation Services, which does something to make a Ford Motor Co. or General Motors said the awards are given delivery to residential homes and busi- difference? Send it to international technical information Corp. vehicle. after multiple visits are nesses. We cater food, and if someone is [email protected]. translations for businesses, last week “We’re a (Detroit-area) company made to look at hundreds throwing a party and they want a few cas- We’ll add it to our launched a Web site, supportthe and the auto industry played a role of items, such as service, es of beer and bottles of wine, we can do growing online list. autoindustry.com, aimed at encour- in helping us succeed,” said owner cleanliness and amenities. that. “It recognizes the com- aging suppliers and other companies Salim Sessine. “They’re asking us “This bill is trying to eliminate or disal- for help, and we should rescue them. We want to mitment to the best ser- low us to distribute this to our cus- to beef up incentives for their employees to buy vice, overnight lodging and domestic vehicles. encourage people to buy cars.” tomers.” Traditional lobbying remains at the fore- restaurants,” she said. Jamil is emeritus director of the Associ- The site (and its companion portals on social — Daniel Duggan networks Facebook, LinkedIn and Twitter) also front of efforts to help. ated Food & Petroleum Dealers, which along “The No. 1 thing we’re doing is talking to See This Just In, Page 2 serves as a clearinghouse for examples of such See Alcohol, Page 28 incentives. Listings are free. See Detroit 3, Page 28 Employers, community Crain’s picks 12 who made news, colleges unite on job NEWSPAPER grew firms, Page 11 training, Page 3 20081208-NEWS--0002-NAT-CCI-CD_-- 12/5/2008 6:38 PM Page 1 Page 2 CRAIN’S DETROIT BUSINESS December 8, 2008 tor. New tenants could begin will see an average 25 percent vise civil and criminal penalties vices and for providing complex THIS JUST IN moving into the building by Jan- rate cut, Holyfield said. for fraudulent redemptions. survey research, concept and uary or February, said Assistant — Amy Lane — Nancy Kaffer product testing, the company ■ From Page 1 Wayne County Executive Turkia said. Mullin. Bills target bottle-return fraud New clinic to serve homeless Market Strategies has worked Incubator lands 2nd tenant — Chad Halcom with clients in Europe and Asia A slate of bills that aims to cut Detroit Rescue Mission and Super for 10 years. An early stage pharmaceutical down on cross-state returnable All Year Detroit plan to open a med- Earlier this year, Market company developing drugs to Consumers seeks rate increase smuggling is one step closer to ical clinic for homeless and unin- Strategies opened an office in treat immune disorders and can- Consumers Energy Co. is seeking passage. sured women and children Dec. Hong Kong. The company has cer will be the second tenant in a a $215 million increase in its elec- Michigan has a high rate of bot- 17 on the first floor of a former St. five main offices and several new business incubator devoted tricity rates. tle returns, according to a legisla- John Health System medical build- satellite offices throughout the to the life sciences, inside a for- The rate case, filed in Novem- tive analysis accompanying the ing in Highland Park. mer Pfizer Inc. building that hous- United States. ber with the Michigan Public Ser- proposed bills, but its 10-cent bot- The organizations so far have — Julie Dawso es Esperion Therapeutics in Ply- vice Commission, reflects invest- tle deposit makes the state a tar- raised $410,000 to fund operations mouth Township, officials ments and improvements in get for fraudulent returns. and have commitments from the organizing the new incubator Consumers’ electric distribution House Bills 6694, 6441, 6442, Wayne State University School of Wolverine, EaglePicher confirmed Friday. system, environmental controls 6443, 6460 and 5147 were sent to Nursing for student and staff nurs- Ann Arbor-based Lycera Corp., a announce move to Dearborn at power plants, and factors in- the Michigan Senate last week af- es, Great Lakes Medical Supply and startup pharmaceutical firm cluding inflation, higher mainte- ter passing the House of Repre- others, said Chad Audi, CEO of De- Wolverine Advanced Materials founded last year by president nance and borrowing costs, said sentatives. troit Rescue Mission and a mem- and its parent company, Ea- and University of Michigan biologi- ber of SAY Detroit’s board. glePicher Corp., said today they cal chemistry Professor Gary Jeff Holyfield, Consumers’ director HB 5247 would require bever- of news and information.