Summit closes on $39M acquisition of Minneapolis Hampton

Summit Hotel Properties has closed on the $39-million acquisition of a new 211-room Hampton Inn & Suites in downtown Minneapolis from Mortenson Development.The hotel opened on Aptil 13 and reportedly is the first new hotel to open in downtown since 2009.

"This property is a wonderful addition to our nationwide portfolio of premium select-service hotels," said Daniel Hansen, president and CEO of Austin, Texas-based Summit.

The hotel was designed by Elness Swenson Graham Architects, based in Minneapolis.

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The pre-sale of this property to Summit was reported a year ago, before construction started, reports the Minneapolis/St. Paul Business Journal. At the time, the deal was reportedly worth $37.7 million.

Mortenson and Summit area also working together on a new nine-story AC Hotel by Marriott hotel in Minneapolis.

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The proposed deal will help the megachain expand its growing all-inclusive portfolio in the Caribbean.

The acquisition is part of Marriott’s larger strategy to redefine and reinvigorate the W Hotels brand.

The British investment group will commit the capital over the next five years to fund the hotel group’s expansion into U.K. and Portuguese markets.