Milwaukee-based Marcus Hotels & Resorts formed a joint venture with Hempel Real Estate and Robinson Park Investments to acquire the 251-key Loews Minneapolis Hotel.
Marcus Hotels, the hotel ownership and management company under the Marcus Corporation, has partnered with commercial real estate firm Hempel Real Estate and commercial property management company Robinson Park Investments for this deal, according to a news release.
The price and terms of the deal were not disclosed. The new owners plan to rebrand the hotel after the deal closes, which is expected to happen in early March 2024.
Marcus Hotels will assume management of the Loews Minneapolis Hotel, making it the third Minneapolis-area property the company has managed since 1993. It also manages the Hilton Minneapolis/Bloomington, and it previously managed the Crowne Plaza-Northstar Hotel.
The full-service luxury Loews Minneapolis Hotel is located in downtown Minneapolis. It has more than 12,500 square feet of meeting space and offers a full-service restaurant and lobby bar.
“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,” Marcus Hotels President Michael Evans said in the news release. “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.”
Though the news release did not disclose the seller, CoStar data shows the Loews Corp. as the most recent owners, having acquired it for $65 million in 2014 from Graves Hospitality Corp. At the time, the hotel was named the Graves 601 Hotel Wyndham Grand. The hotel was built in 2001.
Loews Hotels did not respond to a request for comment.