Wednesday, February 4, 2015

HFF closes sale of Twin Cities-area Crowne Plaza Hotel near the Mall of America in Bloomington, MN


Crowne Plaza Minneapolis-St. Paul International Airport--Mall of America, Bloomington, MN

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. 

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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