Chartres Lodging Acquires $28M Hotel, Paves Way for Second Radisson Blu Hotel in Twin Cities
- Apr 22, 2013
By Gabriel Circiog, Associate Editor
The second Radisson Blu in the Twin Cities will soon open, after San Francisco-based Chartres Lodging Group closed on the $28 million acquisition of the Radisson Plaza Hotel Minneapolis, paving the way for the downtown hotel’s conversion.
The Minneapolis / St. Paul Business Journal reports the California investment group is expected to spend between $25 million and $30 million to convert the hotel to a Radisson Blu. Minnetonka-based Carlson Rezidor Hotel Group signed a long-term contract with Chartres Lodging Group to manage the hotel.
Renovation of the Radisson Blu is set to start in the next few months, and completion is expected in 2014. The preliminary plans include upgrades to the guest rooms and suites, as well as the common areas, and an increase in conference and ballroom space. The FireLake Grill House and Cocktail Bar, the existing on-site restaurant, is also set to be updated. Furthermore, finishing touches, lighting and new signage will be arranged for the street-level entrance.
Following inauguration of the 500-room Radisson Blu Mall of America on March 15, this second Twin Cities Radisson Blu will join about 230 other Radisson Blu hotels around the world and 51 other projects under development.
Chartres Lodging Group focuses on finding value in under-performing, well-located, full-service lodging, conference center and resort assets. After completing turnaround renovations and repositionings, the assets are considered for sale or recapitalization to institutional-quality investors, according to the company’s official Web site.
For more market data on Minneapolis, please click here.
Photo Courtesy of: www.radisson.com