Loews Minneapolis Hotel will soon have a new owner. Marcus Hotels & Resorts, the division of Milwaukee, Wis.-based The Marcus Corp., has formed a joint venture with Hempel Real Estate and Robison Park Investments to acquire the hotel.
The hotel will be rebranded “under another major global hotel system,” Marcus Hotels said in a statement. The company will also be managing the hotel, once the deal closes in early March.
Other terms of the deal were not disclosed. Loews Corp., the seller, acquired the hotel in 2014 when it was operating as the Graves Hotel 601 Hotel. The hotel was acquired by Loews for $65 million.
The announcement comes a day after Loews Hotels Co. opened the Loews Arlington Hotel and Convention Center in Arlington, Texas.
The full-service hotel, located in downtown Minneapolis, has 251 rooms and over 12,500 square feet of meeting space. Situated near many sports and entertainment destinations, the hotel also features a full-service restaurant and lobby bar and is connected to the Target Center through a skywalk.
The acquisition gives Marcus Hotels an opportunity to create value by investing in an “attractive asset” with a focused management strategy and add another premier destination to its portfolio of branded and independent lifestyle properties, Marcus Hotels President Michael Evans said.
“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 Evans.
This is the third property that Marcus Hotels will be managing in Minneapolis since 1993. It also manages the Hilton Minneapolis/Bloomington in Bloomington, Minnesota and earlier managed the Crowne Plaza-Northstar Hotel.
With a portfolio comprising city-center meeting hotels, upscale resorts, historic properties and premium branded and independent first-class hotels, Marcus Hotels currently owns/manages 15 properties across the U.S.