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| Crowne Plaza Minneapolis-St. Paul International Airport--Mall of America, Bloomington, MN |
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| Denny Meikleham |
BOSTON, MA – HFF
announced it has closed the sale of the Crowne Plaza Minneapolis-St. Paul
International Airport – Mall of America, a 430-key full-service hotel in
Bloomington, Minnesota, near the Mall of America.
HFF marketed the property on behalf of the seller, a joint
venture between Trinity Hotel Investors L.L.C. and BayNorth Capital LLC. Kaeding Management Group purchased the
offering free and clear of debt.
The
Crowne Plaza is located at 3 Appletree Square in Bloomington approximately two
miles from the Minneapolis-St. Paul International Airport and approximately one
mile from the Mall of America, which gets more than 40 million visitors
annually.
The hotel is approximately 11 miles southeast of downtown
Minneapolis and 12 miles southwest of downtown St. Paul, and the property
borders Fort Snelling State Park and Long Meadow Lake.
The American Boulevard Station along the METRO blue line,
which provides access from the Mall of America through downtown Minneapolis, is
within walking distance from the property.
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| Alan Suzuki |
The 13-story hotel features Martel’s Restaurant and Lounge,
a Caribou Coffee kiosk, the area’s largest junior Olympic-sized indoor pool,
whirlpool, 3,000-square-foot fitness center, business center and 13,400 square
feet of meeting and event space.
The HFF investment sales team was led by managing directors Denny
Meikleham and Daniel Kaufman and director Alan Suzuki.
“The Crowne Plaza Bloomington transaction represented an
excellent value-add opportunity, while allowing for the buyer to immediately
step into an asset with strong in-place cash flow,” Meikleham said.
“A modest hotel refresh and a re-engineering of the hotel’s
market mix will undoubtedly lead to increased average rates and profitability.”
For a complete
copy of the company’s news release, please contact:
Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com
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