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US: Chesapeake Lodging Trust has acquired the 222-room Hotel Minneapolis for $46 million, or about $207,000 per room.
The former Midland Bank building is part of Marriott’s Autograph Collection, and will continue to be managed by its current operator, a subsidiary of HEI Hotels and Resorts. It was sold by Morrissey Hospitality Co, which purchased it in 2006 for $11.2 million.
The 10-story property includes 22 suites, 6,000 square feet of meeting and catering space, the 250-seat Max Restaurant and Bar, business and fitness centers and about 12,000 square feet of leased tenant space. The 1906 bank building features marble floors, panels and columns, ceilings adorned with hand-carved plaster ornamentation. The original bank vaults were incorporated throughout the design.
James Francis, president and CEO of Chesapeake Lodging Trust, said: “This is truly a special property and an excellent addition to our portfolioWhile we don’t value the tenant cash flow separately from the hotel’s operations, these spaces enhance the cash flow of the property by over 10 per cent.”
Chesapeake Lodging Trust owns 15 hotels across the US.
www.thehotelminneapolis.com
www.chesapeakelodgingtrust.com
