United Properties to Acquire Days Hotel Near University of Minnesota Campus
- Sep 26, 2013
Minneapolis-based United Properties is set to acquire the Days Hotel: The privately owned commercial real estate development and investment firm recently announced it has signed a purchase agreement with private REIT CRI Income. A due diligence process, which is expected to take as many as 90 days, is underway, and although a closing date has not yet been set, it is anticipated to occur in late December or early January. The property had been listed for sale in June by Jon Ruzicka of Marcus & Millichap.
In a statement, Brandon Champeau, assistant vice president of United Properties, said: “We view this as a great near-term investment opportunity in a prime location, with potential for future redevelopment. It’s a property we have studied for some time. The operating income from the hotel will allow us the luxury of being patient as the company evaluates the property’s redevelopment potential over the next several years.”
Located at 2407 University Ave., S.E., on 2.45 acres on the edge of the University of Minnesota campus, the six-story Days Hotel features 130 guest rooms and a restaurant. United Properties announced that it would maintain the 107,000-square-foot hotel, make building renovations and retain the current management company to run it.
“The property has been operating as a successful campus hotel for many years now, and with planned light-rail adjacent to the site and the Minnesota Vikings’ use of TCF Bank Stadium in 2014-2015, we believe the hotel will only get better,” said Champeau.
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Photo Courtesy of: www.daysinn.com