Minneapolis' Hotel Ivy sold to local investor

Jones Lang LaSalle's Hotels & Hospitality Group arranged the sale of Hotel Ivy, A Luxury Collection Hotel, in downtown Minneapolis, to local investor Heartland Realty Investors. Terms of the deal were not disclosed.

The 136-room Hotel Ivy is reportedly the only Forbes four-star hotel in the state of Minnesota. It's a component of a 25-story mixed-use $88-million development project. Wischermann Partners has been engaged to manage the hotel moving forward.

The hotel last changed hands in August 2012 when Ameriprise Financial bought it. 

Managing Director Adam McGaughy and SVP John Nugent led the Jones Lang LaSalle team on the transaction.

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