Ashford Hospitality Trust has signed an agreement for the $101 million acquisition of two Minneapolis hotels—the W Minneapolis Hotel-The Foshay, and the Le Méridien Chambers Minneapolis hotel.
Both properties will continue to be managed by Starwood Hotels & Resorts.
“The W Minneapolis is an iconic landmark, and both hotels are in excellent physical condition with minimal [capital expenditure] needs,” says Monty J. Bennett, chairman and CEO of Ashford Hospitality Trust. “With the New Minnesota Stadium expected to open in 2016, we believe these hotels are well-positioned to achieve further increases in RevPAR.”
The 229-room W Minneapolis Hotel, located in the historic Foshay Tower, the city’s first skyscraper, is also near the Minnesota Orchestra Hall, the Target Center, and Target Field. Following a $90 million restoration in 2008, the property reopened under the W Hotels brand. Amenities include approximately 6,700 square feet of meeting space, the open-air Foshay Tower Museum and Observation Deck, the FIT Gym, a business center, and Manny’s Steakhouse.
The exclusive Minneapolis Art hotel, the Le Méridien Chambers Minneapolis offers 60 guestrooms on five floors of two landmark-revival buildings. Positioned near the Orpheum Theater, the Walker Art Center, and the Guthrie Theater, the hotel includes approximately 3,648 square feet of meeting space, a bar and restaurant, a fitness center, and more than 200 pieces of original contemporary art throughout its guestrooms and public spaces.
