DETROIT, MI — The Detroit Regional Convention Facility Authority (DRCFA) has awarded the naming rights to the Prime Site Award-winning Cobo Center to Chemical Bank, the largest bank headquartered in Michigan. The $1.5 million-a-year agreement gives the bank exclusive naming rights for 22 years. Chemical Bank and the DRCFA will announce the new name of the convention center by the end of 2019, and the name will remain Cobo Center until that time.
“This unprecedented naming rights agreement is a great win for all parties. Chemical Bank makes a strong statement of commitment to the region and secured naming rights to a convention center that is growing in notoriety every day,” said Claude Molinari, General Manager of Cobo Center.
“Our announcement today gives us all an important message: that public-private partnerships work, and that we continue to dedicate ourselves to serving the customers of this great Center and to the rebuilding of a truly great American city,” said Larry Alexander, Chairman of the DRCFA and President and CEO of the Detroit Metro Convention & Visitors Bureau. “There could not be a better partner than Chemical Bank.”
“The taxpayers of Michigan receive significant benefit in sponsorship revenue to offset the cost of operating this amazing convention center and a great partner in a trusted Michigan-based banking institution,” added Molinari. “It speaks so very well of the rebirth of this facility, this city and this region that the most valuable naming rights deal for a convention center ever was executed in Detroit, Michigan.”