Minnesota's Keading Management has acquired the Crowne Plaza in Bloomington, Minn., for $30 million, reports the Minneapolis/St. Paul Business Journal. The 430-room hotel, which had been on the market since last May, was sold by New York-based Trinity Hotel Investors and Boston-based BayNorth Capital.
The Crowne Plaza Minneapolis International Airport-Mall of America Hotel, which was once a Holiday Inn, is located at 4 Appletree Square, less than a mile east of the Mall of America.
The sellers reportedly spent $12 million to renovate and rebrand it after they acquired it in 2007. Bloomington-based Keading is planning some slight renovations and it will keep the Crowne Plaza flag.
Keading reportedly has a seven-hotel portfolio: three in Minnesota, two in Illinois, one in North Dakota and one in Iowa.