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Operating losses skyrocketed in the late 70's and by 1979 it was announced that the hotel would close. Not wanting to see another hotel close, have the city lose needed hotel rooms, and lose face in the coming Republican National Convention, the Detroit Economic Growth Corporation rescued
the hotel. Now operated by a partnership called Book-Cadillac Properties the hotel was on a limited reprieve. In 1983 it was decided a way had to be found to make the building self-supporting and, gasp, profitable. Thus was born the Book-Cadillac Plaza.
Several renovation schemes were studied. It was decided that the hotel's best chance was to become a mixed use property. It was felt that the building could not survive as a hotel alone. The Book was simply far to large, even with nearly 500 unused rooms. A study found that some 92 percent of the hotel's room revenue was generated by only 528 rooms(53 percent of the hotels rooms). That added to the figure of 25% percent occupancy for non convention room nights that Detroit's hotels then suffered meant the Book-Cadillac could no longer survive with any number remotely close to its full 1200 rooms or continue to survive with 47% of its rooms generating no revenue. It was thus decided to upgrade the upper 12 floors into 550 quality hotel rooms and the lower 11 floors into top notch office space for nonprofit groups. The 5 public floors would again be upgraded with an emphasis on the 'historic'. In 1983 some work on this idea was begun. A portion of the lower floors were converted into offices. The 9th floor was
turned into a fitness center intended to cater to the office tenants. However, the main renovation would require the hotel to close for over a year.
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