Minneapolis Hilton sold for $143 million

The Hilton Minneapolis was sold for roughly $143 million. The Hilton is the state’s largest hotel at 821-rooms, and was sold by DiamondRock Hospitality Co. of Maryland.

The hotel’s new owner was unspecified by DiamondRock, but Walton Street Capital of Chicago is presumed to be the buyer. The hotel was built in 1992, and has a 25,000-square-foot ballroom and 35 meeting rooms. DiamondRock updated the property’s guestrooms in 2014, and before that in 2011 renovated the lobby. In total, the company spent $155.5 million on upgrading the hotel, more than what it spent on acquiring it from Haverhill and Starwood Capital Group six years ago.

DiamondRock said in a statement that the sale was part of an opportunistic deal that would better reposition its portfolio. The property has an estimated market value of $139.2 million, and sold for roughly $174,000 per room.

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