Wayne County Airport Authority officials are taking bids on naming rights for its new $431 million terminal at the Detroit Metro Airport. Officials said it is the first time an airport has sold naming rights for a terminal.
Officials have released few details on the bidding process, and have not said how much revenue they expect to raise or set a minimum bid. The rights are expected to last for 20 years. About 20 companies have shown interest so far, and the company that is handling the transaction said it aims to close the deal within 45 days, according to local media reports.
Airport officials are also considering selling naming rights to other airport assets.
The new terminal is set to open Sept. 17, and last weekend the authority held a glitzy black-tie opening party as well as a community open house for the public.
The Detroit Metro Airport serves roughly 36 million passengers a year. So far this year it has set a record for total passenger traffic, officials say.
Both Fitch Ratings and Standard & Poor’s have underlying A ratings with stable outlooks on the airport, which has about $2 billion of senior-lien debt and another $214 million of junior-lien debt outstanding.