Hotel on Interstate 494 strip sells for $24M
The 218-room, all-suite hotel is located at 2800 American Blvd. W., along Interstate 494 between France and Penn avenues. The property, built in 1979, includes 10,000 square feet of meeting space, a full-service hotel, indoor pool and fitness center.
Property tax records list the seller as FelCor/JPM Hotels, an Irving, Texas-based subsidiary of?Felcor Lodging Trust?(NYSE: FCH). FelCor is a real estate investment trust that owns roughly 60 hotels, including the nearby Embassy Suites Minneapolis-Airport at 7901 34th Ave. S. in Bloomington.
The buyer is listed as Bloomington Hotel Owner SPE, with a mailing address that matches that of the hotel.?A Tuesday??news release?from?Plano, Texas-based hotel-management firm Aimbridge Hospitality announcing?that it won the hotel’s management contract indicates that the new owner is actually?San Diego hotel investor Chelsea Hospitality Partners.
“Plans are underway for a complete renovation of the hotel’s guest rooms and public areas,” according to Aimbridge’s press release.
Chelsea Managing Member?Gary Stougaard?added: “We are confident that the exciting changes and enhancements we are planning for this property, together with Ambridges’ proven Embassy Suites operating track record will unlock the full potential of the Embassy Suites brand at this hotel. We look forward to working together with the leadership team at Aimbridge, to improve operations and achieve the full potential of this hotel.”
Employees at the hotel said they were not authorized to speak about the sale.
Officials at Chelsea, FelCor and Aimbridge could not immediately be reached for comment.
Source: John Vomhof Jr. (2014). Hotel on Interstate 494 strip sells for $24M, Minneapolis/St. Paul Business Journal http://www.bizjournals.com/twincities/news/2014/04/09/embassy-suites-hotel-bloomington-sold-chelsea.html published Apr 09, 2014. Viewed Apr 14, 2014.