By Adina Marcut
Chesapeake Lodging Trust has entered an agreement to sell The Hotel Minneapolis, Autograph Collection, a 222-key property located in downtown Minneapolis for $46 million or $207,000 per key. The Trust acquired the asset back in 2012 for the same price.
Located at 215 S. Fourth St., in the heart of the city, the hotel is just one block from the Light Rail Transit and a short walk to sports venues, cultural amenities and many corporate headquarters. University of Minnesota, Mall of America, U.S. Bank Stadium and Guthrie Theatre are a few local attractions that are nearby. Additionally, Minneapolis-St. Paul International Airport is approximately 13 miles away.
Multiple event rooms
The pet-friendly hotel offers more than 5,000 square feet of total event space and includes common area amenities such as:
- 24-hour business center
- 24-hour room service
- 24-hour fitness center
- 24-hour valet parking
- baggage storage
- dry-cleaning services
- concierge lounge
- seven event rooms
- the largest meeting room can accommodate up to 135 people
“We are excited to announce the pending sale of The Hotel Minneapolis, a hotel located in a non-core market for Chesapeake, and by timing the sale, we will be able to forego the need to reinvest capital for a required 2018 renovation estimated at approximately $5 million,” James Francis, president & CEO of The Trust, said in a statement.
Last month, Marriott opened StateView Hotel, a 164-key hotel, part of Autograph Collection Hotels, Marriott International’s distinctive range of independent hotels.
Image via Google Street View