MILWAUKEE—Marcus Hotels & Resorts announced that it has reached an agreement to jointly acquire the Loews Minneapolis Hotel with Hempel Real Estate and Robinson Park Investments. The terms of the agreement were not disclosed and are subject to the satisfaction of certain standard closing conditions. Upon closing, Marcus Hotels & Resorts will assume hotel management, which will be rebranded under another major global hotel system.
“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,” said Michael Evans, president of Marcus Hotels & Resorts. “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 downtown Minneapolis, this full-service luxury hotel has 251 rooms and more than 12,500 square feet of meeting space. For business and leisure travelers alike, the hotel also has a full-service restaurant and lobby bar and is within walking distance of entertainment and sports destinations. It is connected by skywalk to the Target Center, home to the NBA Minnesota Timberwolves and WNBA Minnesota Lynx, and is one city block from Target Field, home to the MLB Minnesota Twins.
This will be the third property Marcus Hotels & Resorts managed in Minneapolis since 1993. The company also manages the Hilton Minneapolis/Bloomington in Bloomington, Minnesota, and previously managed the Crowne Plaza-Northstar Hotel.
The acquisition is expected to close at the beginning of March 2024.
