Owner of Minneapolis' Hotel Ivy plans Conrad for city

The company that recently acquired the Hotel Ivy in Minneapolis is working on plans for another luxury hotel in the city. Heartland Realty Investors reportedly wants to convert the 12-story Plymouth Building in downtown into a 270-room Conrad hotel.

The Minneapolis/St. Paul Business Journal reports that the company is under contract to buy the 104-year-old building and is finalizing a franchise agreement with Hilton Worldwide.

Conrad is still a fledgling Hilton brand in the U.S. with only four currently operating. There are 25 locations worldwide.

A Conrad hotel would join the likes of other Minneapolis luxury hotels, namely the aforementioned Hotel Ivy and Graves 601 Hotel.

"It is a higher-end, luxury-level brand, similar to Ritz-Carlton and InterContinental," Tanya Pierson, the Minneapolis market director for HVS, told the Business Journal. "We have the Westin, the W and some other more boutique, high-end hotels, but we don't have the Ritz-Carltons and things that other downtown markets have."

The hotel would also be within walking distance of Target Center (home of the NBA's Minnesota Timberwolves) and Target Field (where MLB's Minnesota Twins call home).

Minneapolis-based Heartland is best known as an apartment developer, the Business Journal reports, but it has made a big splash on the local hotel scene since buying the Holiday Inn Metrodome in late 2012. It rebranded that hotel as the Courtyard Minneapolis Downtown in September following a $17 million renovation, then closed on its acquisition of Hotel Ivy in December.