Dearborn's Hyatt Hotel has a new owner.

In other hotel news in Dearborn, The Detroit News is reporting that the 772-room Hyatt Regency, whose owners defaulted on a $32.5 million loan last year, is under contract to be sold for $12.5 million and will remain a Hyatt, according to the Chicago broker behind the deal.

We wrote about the hotel being sold back in April but a price tag or the name of the new owner had not been disclosed.

We still don’t know the name of the new owner but the good news is that the Hyatt is going into the hands of a hotel investment company.

Dallas-based Ashford bought the 34-year-old hotel for $40 million in 2007 but later defaulted on the loan.

The deal should officially close by end of December.

The contract is for $20 million but the final price will drop to $12.5 million because of a “structural issue that will be addressed,” The Detroit News Reports.

Now the question becomes whether the new hotel owners have any dollars to contribute to the construction of a convention center in Dearborn . . .

(Source: Dearborn Rotary press release)

The Dearborn Rotary Club will host the fifth annual Hugh Archer Golf Outing and Banquet at Dearborn Hills Golf Course on Thursday, August 26, 2010. The event helps to raise funds for the Hugh Archer Memorial Scholarship, named in memory of the longtime Rotarian and Dearborn resident who passed away in 2005 at the age of 91.

“We still have room for golfers looking for a fun outing with friends while supporting this worthwhile cause,” said Roger Miller, chairman of the golf outing committee.

Archer was a registered professional engineer whose many achievements included inventor, scientist, entrepreneur, banker, businessman, ham radio operator, sportsman, and humanitarian. He held several leadership positions in Rotary and served as president of Rotary International, the world’s largest service organization with more than 1.2 million members.

In addition to his Rotary service, Archer was active with the YMCA, Boy Scouts of America, Henry Ford Hospital, the Dearborn Schools and many other organizations. He was founder and chairman of Spiratex Company, a plastics extrusion company in Romulus, Mich.

To celebrate Archer’s many achievements and commitment to community service, an annual scholarship award is presented to a high school senior attending a public or private high school within the Dearborn School District boundaries. Selection is based on the student’s academic achievement, leadership, and community service.

“Mr. Archer’s motto was always ‘Enjoy Rotary’,” added Miller. “This outing provides a great way for everyone to do that.”

A foursome package that includes lunch, golf and dinner banquet is $480 or $125 per golfer. Sponsorships start at only $100.

To sign up as a golfer or sponsor for the August 26 event or obtain more information, visit the Club’s Web site at www.dearbornrotary.org or email [email protected]

About Dearborn Rotary

Established in 1923, the Dearborn Rotary Club is one of 33,000 clubs located in more than 200 countries worldwide. Rotary is the world’s first and largest international service organization, founded in 1905 by Paul P. Harris, a lawyer, in Chicago, Illinois. The Dearborn Rotary Club meets every Thursday from 11:30 a.m. to 12:45 p.m. at the Fairlane Club on Hubbard Drive in Dearborn. Guests are always welcome.