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MINNEAPOLIS, Minn.—June 1, 2010—HEI
Hotels & Resorts (HEI) today announced that it has entered into a
joint venture with Hempel Properties, a Minneapolis-based real estate
developer, to purchase a majority equity interest in The Hotel
Minneapolis for an undisclosed amount. The transaction was brokered by
CBRE Hotels. The 222-room boutique-style hotel, which opened in August
of 2008, will be operated by HEI and transition to Marriott’s new
Autograph Collection brand.
“With its prime location in the heart of downtown Minneapolis, the
newly opened hotel is a strong addition to our growing portfolio of
first-class properties in urban markets with high barriers to new
entry,” said Steve Mendell, HEI’s president, acquisitions and
development. “The hotel’s transition to Marriott’s Autograph
Collection is an exciting opportunity for this hotel and our growing
portfolio.”
Located at 215 4th Street South, the 10-story hotel is connected to the
city’s renowned skyway system and links the hotel via indoor walking
paths to such destinations as Nicollet Mall, Target Headquarters,
Minneapolis Convention Center, Gaviidae Common and numerous art and
retail outlets. The property is an historic adaptive reuse of the
historic Midland Bank Building, originally built in 1905, and renovated
by Hempel in 2007.
“We worked extensively to find the right partner to continue our
success at The Hotel Minneapolis,” said Jon Hempel, president of
Hempel. “HEI has a proven track record as a top owner and operator of
upper-upscale hotels throughout the United States, including The Westin
Minneapolis. We look forward to partnering with them as The Hotel
Minneapolis and restaurant Max continue to become contemporary
cornerstones of the Minneapolis cityscape.”
The hotel features the 250-seat restaurant Max, which focuses on
lifestyle cuisine, highlighting the fresh seasonal offerings of the
local region. Additional amenities include approximately 6,000 square
feet of function space with state-of-the-art A/V equipment and business
center, boutique convenience store/gift shop, and health club featuring
Precor fitness equipment.
“We are excited to partner with the Hempel team to maximize the
performance of this visionary hotel property,” said Russell Urban,
senior vice president of acquisitions and development. “In addition to
its entirely new product and excellent reputation within the community,
The Hotel Minneapolis will benefit from the implementation of HEI’s
industry leading hotel management team and the added support of
Marriott’s Autograph Collection.”
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