Owner and management company Marcus Hotels & Resorts, a division of The Marcus Corporation, has reached an agreement with Hempel Real Estate and Robinson Park Investments to jointly acquire the Loews Minneapolis Hotel.
The terms of the agreement were not disclosed and are subject to the satisfaction of certain standard closing conditions. Upon closing, Marcus Hotels & Resorts will assume management of the hotel, which will be rebranded under another major global hotel system.
“The agreement to purchase the Loews Minneapolis Hotel is consistent with our strategy to co-invest with like-minded partners and manage leading properties across the nation,” said Michael Evans, president, Marcus Hotels & Resorts. “This is an exciting opportunity to create value by investing in an attractive asset with a focused management strategy while adding another premier destination to our portfolio of branded and independent lifestyle hotels.”
Located in downtown Minneapolis, this full-service luxury hotel features 251 rooms and more than 12,500 sq. ft. of flexible meeting space. It also features Cosmos restaurant and lobby bar and is connected by skywalk to the Target Center and is one city block from Target Field.
This will be the third property managed by Marcus Hotels & Resorts in Minneapolis since 1993. The company also operates the Hilton Minneapolis/Bloomington in Bloomington and previously managed the Crowne Plaza-Northstar Hotel.
The acquisition is expected to close at the beginning of March.