Investment firm Monarch Alternative Capital LP has purchased the Westin Minneapolis in partnership with HEI Hotels & Resorts. Monarch was able to acquire the hotel at a significant discount from previous transactions in an off-market purchase due to disruption caused by the pandemic.
The Westin Minneapolis acquisition is Monarch's 12th hotel purchase in 2021. Monarch will operate the property in partnership with HEI Hotels & Resorts. HEI's experience managing hotels in Minneapolis and Westin properties across the country further strengthens the growth prospects for the Westin Minneapolis.
The Westin Minneapolis is a 214-room, full-service business-oriented hotel in downtown Minneapolis. The hotel's location—at the center of the Minneapolis Skyway System and its close proximity to the city's largest group facilities including the Minneapolis Convention Center, U.S. Bank Stadium, Target Field, and Target Center—make the property an attractive destination for business and leisure travelers in the city's business district
“Our acquisition of the Westin Minneapolis is consistent with our focus on high quality properties in historically strong markets that have been dislocated by the COVID-19 pandemic,” said Ian Glastein, managing principal and co-head of real estate at Monarch. “Our deep sourcing capabilities, together with our ability to provide speed and certainty of execution, were key to this transaction.”