WOODBURY, Minn.—Hunter Hotel Advisors announced today that it closed out 2012 with the sale of the 150-room Sheraton Woodbury located in the Twin Cities market. The firm represented the owner, Dougherty Funding, on the sale to Schulte Hospitality Group for approximately $14 million. The five-story hotel, built in 2008, will retain the Sheraton flag. Teague Hunter, president, led the Hunter team that represented the seller.
The Sheraton Woodbury is located near a number of large office complexes, including 3M corporate headquarters. Amenities include an indoor swimming pool, fitness center, VIP floor, and meeting space designed for small to mid-sized groups.
“Full-service hotels like the Sheraton Woodbury have been largely off the market the past few years due to the poor economy and lack of available financing,” Hunter said. “However, after several years of improving results for the hotel industry, we are listing more full-service properties and expect to see a significant upturn in full-service hotel real estate transactions in 2013.”