Economy blamed for closure of former Pontchartain Hotel

The Riverside Hotel, formerly the Pontchartain, has become downtown's first major hotel to shutter amid a national wave of distressed properties.

The once-elegant hotel, at 2 Washington Blvd., across the street from Cobo Center, is under a court-appointed receiver, who closed it two weeks ago. "I decided to shut it down after I realized I didn't have the money to pay the employees," said David Findling, the Royal Oak lawyer who has been the hotel's receiver for over a month.

"But I want to emphasize it's temporarily shut. I've had inquires from potential buyers, so it's far from over. U.S. hotel occupancy, which registered 64 percent in July, is at its lowest level since Smith Travel Research began tracking the figure in 1987.

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