Marcus Hotels & Resorts, Hempel Real Estate, Robinson Park Acquire The Lofton Hotel
601 North 1st Street - The Loews Minneapolis Hotel
Summary
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.
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