MINNEAPOLIS—Triton Hospitality Group (Triton), a venture launched in 2021 by hospitality and investment veterans John Murphy, founder and previous president of Evolution Hospitality, and David Parsky, founder and former managing principal of Arris Investments, to acquire under-performing hotel assets announced the acquisition of The Marquette Hotel, a Curio Collection by Hilton, located in downtown Minneapolis. The Southern California boutique investment firm has earmarked additional capital for enhancements and property improvements and has appointed Evolution Hospitality as manager.
“The Marquette exemplifies what Triton is currently targeting in our acquisition strategy,” said Parsky, partner at Triton. “The ability to take a contrarian view on a struggling market that was fundamentally strong pre-COVID, an ‘A’ location that should be first to recover in the market, an opportunity to reset basis at a substantial discount to both replacement cost and prior cycle trades, and some level of physical and financial complexity.”
The Marquette Hotel is located in the Minneapolis Business District, located just steps from Nicollet, the city’s 12-block pedestrian thoroughfare of retail, entertainment, and office space, and is in close proximity to many of the city’s attractions including U.S. Bank Stadium, Target Field, and Target Center. It is housed in the IDS Center, a landmark 1.8 million square foot mixed-use development. Built in 1970, in 2017, the hotel underwent a full guestroom and public area renovation and rebranding as a member of Hilton’s Curio Collection, which included a full-scale transformation of all 281 guestrooms and suites, lobby and public spaces, food and beverage outlets, and meeting space.
For corporate travelers and groups, the property features 25,800 square feet of event space across 19 rooms including Windows on Minnesota, a venue situated on the 50th floor of the IDS Center. Additional features and amenities include the guestrooms, two signature dining outlets including The Jolliet House Social Club and The Marquette Lounge, and access to the Minneapolis Skyway.
“We are excited to work in lockstep with our friends at Evolution Hospitality in the repositioning of the Marquette and are thrilled that our first acquisition is in the great city of Minneapolis, a city we know well,” said Murphy, partner at Triton. “Triton will use its vast experience and operational acumen to leverage every and all revenue opportunities through an aggressive sales, marketing, ecommerce, revenue management, and brand alignment effort. As we bring new and returning customers to the hotel, our highly tenured team will be keenly focused on engaged service and brand leading customer satisfaction.”
Triton plans to invest additional capital into the property on projects that include a reimagination of the hotels’ food and beverage outlets, the addition of two Topgolf Swing Suites, aesthetic enhancements to Windows on Minnesota, a transformed fitness center and a guestroom HVAC system.
