TPI Hospitality Sells Southern MN Hotel
- Jan 08, 2018
TPI Hospitality has sold the Holiday Inn Austin Conference Center in Austin, Minn. The property includes a 118-key hotel and a 10,000-square-foot conference center. A connected sports bar was also included in the sale. Jon Ruzicka and Gordon Allred led the Marcus & Millichap team that represented the seller and procured the buyer for the transaction.
Located at 1701 Fourth St. N.W., the two-story property sits alongside Interstate 90, one mile west of Hormel Food Corp.’s headquarters and the Hormel Institute. The hotel is also approximately one mile north of the SPAM Museum in Austin’s city center. Originally built in 1989 by TPI Hospitality, the building’s guestrooms and common areas were renovated in 2011. Amenities include complimentary Wi-Fi, a 24-hour fitness center, a swimming pool and a business center. A sports bar for both hotel guests and the general public is also located on-site.
“The hotel features 118 guestrooms and has been a staple in the community since it opened in 1989. It had been maintained extremely well and was still owned by the original developer,” said Ruzicka, first vice president of investments, in a prepared statement.
Marcus & Millichap also closed a $4.3 million retail property sale in Minneapolis last summer.
Image courtesy of Marcus & Millichap