Real EstateAcquisitionsChartres Lodging Acquires the Radisson Plaza Hotel Minneapolis

Chartres Lodging Acquires the Radisson Plaza Hotel Minneapolis

CHICAGO—Chartres Lodging Group today announced the acquisition of and upcoming conversion of the Radisson Plaza Hotel Minneapolis to a Radisson Blu property, part of the Radisson hotel group’s upper-upscale brand portfolio. With renovations to begin this year, the property is set to be completed and rebranded in 2014.

The Radisson Plaza currently boasts 360 guestrooms, occupying 17 floors of the 36-story Plaza Seven building. The hotel includes a restaurant and bar, as well as 22,000 square feet of meeting space, access to underground parking, and a direct link to the city’s climate-controlled skyway system.

The update project will include, but not be limited to, complete renovations of hotel guestrooms and bathrooms; a full renovation and expansion of the property’s meeting space; a re-imagined lobby and guest welcome-way; refreshed on-site dining options including FireLake Grill House restaurant; and a rejuvenation of public spaces, corridors, and the atrium.

“We actively search for opportunities to acquire hotels that are well located in rising urban and resort markets, and that present us with the opportunity to reposition the asset through renovation and strong asset management. The Radisson Plaza is very well-located in downtown Minneapolis and is part of a high-quality, mixed use complex. Acquiring this hotel from Carlson gives us the opportunity to build on the momentum of Carlson’s aggressive expansion of their upper-upscale Blu brand,” stated Maki Nakamura Bara, president and co-founder of Chartres Lodging Group.

Robert Kline , CEO and co-founder of Chartres Lodging Group, also adds, “Minneapolis has been enjoying a strong recovery. It has a highly educated workforce, contributing to its ranking as having the second lowest unemployment rate in the country. The city has also been enjoying positive office absorption for the last five years. The lodging market has, consequently, been experiencing a healthy rebound. The rebrand of this institutional, quality hotel is entirely consistent with our real estate investment strategy.”