Mille Lacs Band buys hotel near St. Louis Park's West End for $37 million
The business arm of the Mille Lacs Band Ojibwe expanded its hospitality footprint in the Twin Cities through a recent purchase of a St. Louis Park hotel near the bustling West End entertainment district.
Mille Lacs Corporate Ventures (MLCV), which manages all of the band’s business investments, bought the DoubleTree by Hilton Minneapolis Park Place Hotel last month for $37.3 million, according to public records.
Corporate Ventures recently completed a major renovation of the former Crowne Plaza in downtown St. Paul into an InterContinental Hotel. The group also owns the DoubleTree Hilton in St. Paul, Grand Casino Mille Lacs, Grand Casino Hinckley and an Embassy Suites in Oklahoma City.
In May, MLCV revealed its major makeover of Eddy’s Resort, a well-known fishing outfitter on Lake Mille Lacs.
The 297-room hotel is across Park Place Boulevard from the Shops at West End and just south of Interstate 394. The sale includes the Dover Restaurant Bar & Grill inside the hotel and 26,000 square feet of event space.
“When we look at investments, we look for properties that will perform well from Day One, and that have a significant long-term upside for our shareholders,” said Joe Nayquonabe Jr., chief executive of MLCV. “We are more than pleased with the financial strength of this hotel. It outperforms its competitive set and is a great addition to our portfolio of exceptional hospitality assets.”
Mille Lacs Corporate Ventures said it doesn’t plan to make any major changes to the property and will be managing it in partnership with Greenwood Hospitality.
Reported by: Startribune.com
Mille Lacs Corporate Ventures (MLCV), which manages all of the band’s business investments, bought the DoubleTree by Hilton Minneapolis Park Place Hotel last month for $37.3 million, according to public records.
Corporate Ventures recently completed a major renovation of the former Crowne Plaza in downtown St. Paul into an InterContinental Hotel. The group also owns the DoubleTree Hilton in St. Paul, Grand Casino Mille Lacs, Grand Casino Hinckley and an Embassy Suites in Oklahoma City.
In May, MLCV revealed its major makeover of Eddy’s Resort, a well-known fishing outfitter on Lake Mille Lacs.
The 297-room hotel is across Park Place Boulevard from the Shops at West End and just south of Interstate 394. The sale includes the Dover Restaurant Bar & Grill inside the hotel and 26,000 square feet of event space.
“When we look at investments, we look for properties that will perform well from Day One, and that have a significant long-term upside for our shareholders,” said Joe Nayquonabe Jr., chief executive of MLCV. “We are more than pleased with the financial strength of this hotel. It outperforms its competitive set and is a great addition to our portfolio of exceptional hospitality assets.”
Mille Lacs Corporate Ventures said it doesn’t plan to make any major changes to the property and will be managing it in partnership with Greenwood Hospitality.
Reported by: Startribune.com
