Historic Minneapolis building to be converted into an Embassy Suites

A New Orleans developer that recently bought the historic Plymouth Building in downtown Minneapolis secured $65 million in financing from U.S. Bank to transform it into a hotel.

The bank’s announcement is the first official confirmation of the new owner’s plans to turn the 12-story building into a 290-room Embassy Suites by Hilton. It’s the latest redevelopment plan after several failed efforts, including attempts to turn it into apartments in 2013 and an luxury Conrad Hotel in 2014, each by different developers.

Virtual Event

Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.


Louisiana-based HRI Properties, which specializes in adaptive and historical reuse projects, purchased the 384,000-square-foot office building in May for $20 million. Ryan Cos. of Minneapolis is the project’s general contractor.

The 105-year-old building, at the northeast corner of 6th Street and Hennepin Avenue S., is currently home to Lyon’s Pub on the ground floor. Its corner-facing front door is opposite the ­newly revamped Mayo Clinic Square, formerly known as Block E. It’s one block from where Mortenson Development is building a 244-room AC Hotel by Marriott.

U.S. Bank says the total acquisition and renovation cost will total $109.6 million. The lender is being partly repaid by $16.2 million in federal historic tax credits. The city of Minneapolis is giving about $1.5 million in environmental and transit-oriented district grants for the redevelopment.