{"id":1004112473,"date":"2015-02-01T22:06:10","date_gmt":"2015-02-02T06:06:10","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=321877"},"modified":"2020-05-12T03:26:30","modified_gmt":"2020-05-12T11:26:30","slug":"hff-closes-30m-sale-of-crowne-plaza-hotel-in-bloomington","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/hff-closes-30m-sale-of-crowne-plaza-hotel-in-bloomington\/","title":{"rendered":"HFF Closes $30M Sale of Crowne Plaza Hotel in Bloomington"},"content":{"rendered":"<p><em>By Ioana Neamt, Associate Editor<\/em><\/p>\n<div id=\"attachment_321878\" class=\"wp-caption alignleft\" style=\"width: 160px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/01\/crowne-plaza-suites-bloomington-2786155055-2x1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-321878\" title=\"crowne-plaza-suites-bloomington-2786155055-2x1\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/01\/crowne-plaza-suites-bloomington-2786155055-2x1.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><\/a><\/p>\n<p class=\"wp-caption-text\"><em>Crowne Plaza Bloomington<\/em><\/p>\n<\/div>\n<p>HFF recently announced it has closed the sale of the Crowne Plaza Hotel &amp; Suites in Bloomington, near the Minneapolis-St. Paul International Airport and the Mall of America. Kaeding Management Group purchased the asset for $30 million, according to the <a href=\"https:\/\/www.bizjournals.com\/twincities\/blog\/real_estate\/2015\/01\/hotel-on-i-494s-strip-sells-for-30m.html\" rel=\"nofollow\">Minneapolis\/St. Paul Business Journal<\/a>.<\/p>\n<p>The 430-room asset was sold by a joint venture between New York-based Trinity Hotel Investors and Boston-based BayNorth Capital. The HFF team representing the seller was led by managing directors Denny Meikleham and Daniel Kaufman and director Alan Suzuki, according to a news release.<\/p>\n<p>\u201cThe Crowne Plaza Bloomington transaction represented an excellent value-add opportunity, while allowing for the buyer to immediately step into an asset with strong in-place cash flow,\u201d said Meikleham. \u201cA modest hotel refresh and a re-engineering of the hotel\u2019s market mix will undoubtedly lead to increased average rates and profitability.\u201d<\/p>\n<p>Located at 3 Appletree Square in Bloomington, roughly 11 miles from downtown St. Paul and minutes away from the MSP International Airport, the 13-story Crowne Plaza hotel features 430 guest rooms and suites, 13,400 square feet of meeting space, a 3,000-square-foot fitness center, a business center, as well as the area\u2019s largest junior Olympic-size indoor pool. The hotel offers guests complimentary 24-hour shuttle service to both MSP International Airport and the Hubert Humphrey Charter Terminal, complimentary Wi-Fi in all rooms, a concierge floor, dry cleaning and laundry service, as well as a Martel\u2019s Restaurant and Lounge and a Caribou Coffee kiosk.<\/p>\n<p><em>Image courtesy of <a href=\"https:\/\/www.ihg.com\/crowneplaza\/hotels\/us\/en\/bloomington\/mspia\/hoteldetail\" rel=\"nofollow\">InterContinental Hotel Group (IHG)<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HFF recently announced it has closed the sale of the Crowne Plaza Hotel &amp; Suites in Bloomington, Minn., near the Minneapolis-St. Paul International Airport and the Mall of America.<\/p>\n","protected":false},"author":192,"featured_media":1004505699,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36076,21742],"tags":[],"class_list":["post-1004112473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-minneapolis-st-paul","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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