Marcus Hotels & Resorts, an owner and management company and division of The Marcus Corp. based in Milwaukee, Wisconsin, along with Hempel Real Estate and Robinson Park Investments, have acquired the Loews Minneapolis Hotel. The terms of the joint venture agreement were not disclosed and are subject to the satisfaction of certain standard closing conditions. Marcus Hotels & Resorts assumde management of the hotel, which has been rebranded as The Lofton Hotel, Tapestry Collection by Hilton, making it the first Tapestry Collection hotel in Minnesota.
“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,” says Michael Evans, president of Marcus Hotels & Resorts, in a prepared statement. “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.”
Located in the heart of downtown Minneapolis, this full-service luxury hotel features 251 rooms and more than 12,500 square feet of flexible meeting space. Attractive to business and leisure travelers alike, the hotel also features a full-service restaurant and lobby bar and is within walking distance of many premier entertainment and sports destinations. It is connected by skyway to the Target Center, home to the NBA’s Minnesota Timberwolves and WNBA’s Minnesota Lynx, and is one city block from Target Field, home to the MLB’s Minnesota Twins.
This will be the third property managed by Marcus Hotels & Resorts in Minneapolis since 1993. The company also manages the Hilton Minneapolis/Bloomington in Bloomington, Minnesota, and previously managed the Crowne Plaza-Northstar Hotel (now closed) in downtown Minneapolis.
The joint venture acquisition is expected to close at the beginning of March.
