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. 

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

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