MILWAUKEE—Marcus Motels & Resorts introduced that it has reached an settlement to collectively purchase the Loews Minneapolis Lodge with Hempel Actual Property and Robinson Park Investments. The phrases of the settlement weren’t disclosed and are topic to the satisfaction of sure commonplace closing circumstances. Upon closing, Marcus Motels & Resorts will assume resort administration, which will probably be rebranded below one other main world resort system.
“The settlement to buy the Loews Minneapolis Lodge is in step with our technique to co-invest with like-minded companions and handle main properties throughout the nation,” stated Michael Evans, president of Marcus Motels & Resorts. “That is an thrilling alternative to create worth by investing in a gorgeous asset with a centered administration technique whereas including one other premier vacation spot to our portfolio of branded and impartial life-style accommodations.”
Positioned in downtown Minneapolis, this full-service luxurious resort has 251 rooms and greater than 12,500 sq. toes of assembly area. For enterprise and leisure vacationers alike, the resort additionally has a full-service restaurant and foyer bar and is inside strolling distance of leisure and sports activities locations. It’s related by skywalk to the Goal Middle, dwelling to the NBA Minnesota Timberwolves and WNBA Minnesota Lynx, and is one metropolis block from Goal Subject, dwelling to the MLB Minnesota Twins.
This would be the third property Marcus Motels & Resorts managed in Minneapolis since 1993. The corporate additionally manages the Hilton Minneapolis/Bloomington in Bloomington, Minnesota, and beforehand managed the Crowne Plaza-Northstar Lodge.
The acquisition is anticipated to shut initially of March 2024.
