The Loews Minneapolis Hotel, located at 601 North 1st Street, was sold for $23.5 million to Marcus Hotels & Resorts, Hempel Real Estate, and Robinson Park. The property, now known as The Lofton Hotel, features 251 keys and a price per key of $93,625. It boasts over 15,000 square feet of meeting space, showcasing its value in the Minneapolis market.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $23,500,000
• Buyer: Michael Evans - Marcus Hotels & Resorts; Josh Krsnak - Hempel Real Estate; Mark Beffort - Robinson Park
• Seller: LH Minneapolis Hotel LLC
• Broker: Jon Ruzicka - Marcus & Millichap

The new owners, including Michael Evans, Josh Krsnak, and Mark Beffort, have expressed optimism in the Twin Cities hotel market's recovery post-pandemic. The involvement of Marcus Hotels & Resorts, Hempel Real Estate, and Robinson Park signifies a strategic move in the hospitality sector, leveraging the property's potential for growth and success in the coming years.