Book-Cadillac Properties, Inc. - 1932 dated Gold Automive Related Bond
Inv# AB5028 Bond
$27.50 Bond printed by American Bank Note Company. The Westin Book Cadillac Detroit is a historic skyscraper hotel in downtown Detroit, Michigan, within the Washington Boulevard Historic District. Designed in the Neo-Renaissance style, and opened as the Book-Cadillac Hotel in 1924, the 349 ft (106 m), 31-story, 453-room hotel includes 65 exclusive luxury condominiums and penthouses on the top eight floors. It reopened in October 2008, managed by Westin Hotels, after a $200-million restoration.
The Book-Cadillac Hotel was developed by the Book Brothers—J. Burgess, Frank, and Herbert. They sought to turn Detroit's Washington Boulevard into the "Fifth Avenue of the West." Part of that vision was the creation of a flagship luxury hotel to compete against the Hotel Statler, three blocks to the north. On May 1, 1918, the brothers bought the Cadillac Hotel, at the northeast corner of Michigan and Washington Boulevard, which had been built in 1888. They intended to demolish it and replace it with a modern hotel, but World War I material shortages delayed the work. The Cadillac finally closed on June 26, 1923, and was quickly demolished. The Books commissioned architect Louis Kamper, who had designed the Book Building for them in 1917, to design their hotel. The Book-Cadillac Hotel was the tallest building in the city and the tallest hotel in the world when it opened on December 8, 1924. Read more at https://en.wikipedia.org/wiki/Westin_Book_Cadillac_Hotel
A bond is a document of title for a loan. Bonds are issued, not only by businesses, but also by national, state or city governments, or other public bodies, or sometimes by individuals. Bonds are a loan to the company or other body. They are normally repayable within a stated period of time. Bonds earn interest at a fixed rate, which must usually be paid by the undertaking regardless of its financial results. A bondholder is a creditor of the undertaking.
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