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.
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.