Loews Hotels & Resorts Buys 255-Key Graves 601 Wyndham Grand in Minneapolis
- Jul 08, 2014
Loews Hotels & Resorts has completed its acquisition from Graves Hospitality of the 21-story, 255-room Graves 601 Hotel Wyndham Grand in Minneapolis, Loews announced Monday.
The property, in downtown Minneapolis, was immediately rebranded as the Loews Minneapolis Hotel and is slated to undergo an approximately $7 million renovation starting in early 2015.
Loews declined to provide further information about the deal, but Twin Cities Business reported, based on local real estate filings, that the sale was for $65 million and closed on July 2.
“The Loews Minneapolis is a great addition to the Loews portfolio,” Paul Whetsell, president & CEO of Loews Hotels & Resorts, said in a release. “There are exciting new developments in Minneapolis including the Block E area, and having our hotel in such a key Midwestern destination is a tremendous plus for the growth of our brand. The property is in great physical condition, with the renovation targeted to further enhance the guest experience.”
Loews Hotels & Resorts has been expanding its footprint in the Midwest. The company recently announced the purchase of the 556-room InterContinental Chicago O’Hare Hotel, expected to close at the end of the month. <www.cpexecutive.com/regions/midwest/loews-hotels-resorts-buy-intercontinental-chicago-ohare-hotel/1004099659.html>
In addition, the Loews Chicago, a new 52-story, 400-room hotel in that city’s Streeterville neighborhood, will open in February 2015. <www.cpexecutive.com/cities/chicago/new-loews-chicago-hotel-joins-alhi-2/1004097789.html>