HFF Closes $30M Sale of Crowne Plaza Hotel in Bloomington
- Feb 02, 2015
By Ioana Neamt, Associate Editor
HFF recently announced it has closed the sale of the Crowne Plaza Hotel & Suites in Bloomington, near the Minneapolis-St. Paul International Airport and the Mall of America. Kaeding Management Group purchased the asset for $30 million, according to the Minneapolis/St. Paul Business Journal.
The 430-room asset was sold by a joint venture between New York-based Trinity Hotel Investors and Boston-based BayNorth Capital. The HFF team representing the seller was led by managing directors Denny Meikleham and Daniel Kaufman and director Alan Suzuki, according to a news release.
“The Crowne Plaza Bloomington transaction represented an excellent value-add opportunity, while allowing for the buyer to immediately step into an asset with strong in-place cash flow,” said Meikleham. “A modest hotel refresh and a re-engineering of the hotel’s market mix will undoubtedly lead to increased average rates and profitability.”
Located at 3 Appletree Square in Bloomington, roughly 11 miles from downtown St. Paul and minutes away from the MSP International Airport, the 13-story Crowne Plaza hotel features 430 guest rooms and suites, 13,400 square feet of meeting space, a 3,000-square-foot fitness center, a business center, as well as the area’s largest junior Olympic-size indoor pool. The hotel offers guests complimentary 24-hour shuttle service to both MSP International Airport and the Hubert Humphrey Charter Terminal, complimentary Wi-Fi in all rooms, a concierge floor, dry cleaning and laundry service, as well as a Martel’s Restaurant and Lounge and a Caribou Coffee kiosk.
Image courtesy of InterContinental Hotel Group (IHG)