The Minneapolis/St. Paul Business Journal is reporting that two notable full-service hotels in Minneapolis are under contract to be sold for $101 million to a Dallas-based real estate investment trust.
The W Minneapolis Hotel - The Foshay and Le Meriden Chambers Minneapolis will be purchased by Ashford Hospitality Trust Inc.
Both properties will continue to be managed by Starwood Hotels, according to a Securities and Exchange Commission filing. They were sold by a joint venture of the original developers: Minneapolis-based Ryan Cos. U.S. Inc.,
The 229-room W Minneapolis is in the historic Foshay Tower, built in 1929. It opened as a W Hotel in 2008 following a $90 million renovation and restoration of the former office tower. The 60-room Le Meridian Chambers at 901 Hennepin opened in 2006.
Ashford said the hotels are in good condition and won't need a lot of upgrades.