Marriott in Minnetonka fetches $33.1 million in sale
Denver-based Sage Hospitality paid $33.1 million in its purchase this month of the Marriott Minneapolis Southwest, a 321-room hotel in Minnetonka, according to a new filing.
Finance & Commerce reports on the purchase price for the deal, which was announced earlier this month. The seller is an entity called Chief Minneapolis Hotel, an entity of Cornerstone Real Estate Advisors based in Hartford, Conn.
According to property records, Chief Minneapolis paid more for the 17-story hotel and 10.3-acre property when it bought them in 2007 — more than $44 million — but that was pre-recession. The property, located near the headquarters of UnitedHealth Group Inc., is assessed at $18 million.
Sage plans to spend more than $10 million on staffing and a renovation of all public spaces and guest rooms, according to a press release.
Reported by: Minneapolis St. Paul Business Journal
Finance & Commerce reports on the purchase price for the deal, which was announced earlier this month. The seller is an entity called Chief Minneapolis Hotel, an entity of Cornerstone Real Estate Advisors based in Hartford, Conn.
According to property records, Chief Minneapolis paid more for the 17-story hotel and 10.3-acre property when it bought them in 2007 — more than $44 million — but that was pre-recession. The property, located near the headquarters of UnitedHealth Group Inc., is assessed at $18 million.
Sage plans to spend more than $10 million on staffing and a renovation of all public spaces and guest rooms, according to a press release.
Reported by: Minneapolis St. Paul Business Journal
