Minnesota Wild owner Craig Leipold, who has lived atop the Saint Paul Hotel for 17 years, will now become majority owner of the distinctive hotel that was built in 1910.

Ecolab and Securian Financial are among the downtown St. Paul businesses and local leaders buying the hotel from Travelers Insurance. Also included in the ownership group are St. Paul real estate developers Jim Kelly, Carl Kaeding, and David Williams. The purchase price wasn’t disclosed.

The local owners announced Thursday that hotel improvements will begin before the end of this year. The upgrades include renovations of all hotel rooms, a reimagined lobby, a modern fitness center, and additional bar and dining experiences.

The downtown St. Paul economy took a nosedive following the onset of the pandemic in 2020, which was exacerbated by the extended absences of government employees who chose remote work over returning to their downtown offices. St. Paul has suffered for years with high vacancy rates for office spaces.

But St. Paul business, government, and nonprofit leaders have joined forces to devise a rejuvenation strategy. They’ve also pooled their financial resources and solicited outside investments to get downtown St. Paul moving in the right direction.

On May 6—eight days before the Saint Paul Hotel ownership news was revealed—the Saint Paul Downtown Alliance convened community leaders to announce that $1.3 billion in public and private dollars has been invested or committed to downtown initiatives.

“I am a true St. Paul fan, and I’m thrilled to be able to invest in its future,” Leipold said Thursday in a news release. “The Saint Paul Hotel and Rice Park are key parts of both our history and our shared vision for a thriving entertainment district and city. It’s a privilege to purchase this hotel with Ecolab, Securian, and local real estate developers and invest in the next life of this iconic building.”

Leipold’s big hotel news comes one day after the Minnesota Wild were eliminated from the Stanley Cup Playoffs by losing game five of a second-round series to the Colorado Avalanche, which had the best record in the NHL for the 2025-26 season.

While he makes his permanent home in Wisconsin, Leipold has had a residence on the top level of the Saint Paul Hotel since he bought the Wild hockey team. Leipold attends most Wild home games, so he’s keenly aware of the challenges and opportunities in downtown St. Paul. What he’s now undertaking at the Saint Paul Hotel could be classified—in one sense—as a major home renovation project.

The architectural style of the Saint Paul Hotel is Italian Renaissance Revival. Over its history, the hotel has attracted many national figures. “From presidents and royalty to gangsters, movie stars and athletes—since its inception over a century ago, The Saint Paul Hotel has hosted guests of all stripes,” according to a description on the hotel’s website.

St. Paul’s civic leaders

From a business and civic leadership standpoint, Leipold, Christophe Beck (Ecolab chairman, president, and CEO), and Chris Hilger (Securian Financial chairman, president, and CEO) have decided to invest in the future of St. Paul.

“Ecolab has been proud to call St. Paul home for more than 100 years,” Beck said in Thursday’s news release. “I believe strongly in this city’s future. This investment supports a longtime Ecolab customer and helps ensure the Saint Paul Hotel remains a cornerstone of downtown and our local community for years to come.”

Beck and Hilger serve on the board of the Saint Paul Downtown Alliance, as does Minnesota Wild executive Matt Majka.

“Securian Financial has called downtown St. Paul home for more than 145 years, and we believe deeply in the future of this city,” Hilger said in the release. “The Saint Paul Hotel is one of our community’s renowned destinations. This investment reflects our confidence in downtown’s momentum and long-term potential. We’re proud to partner with Minnesota Wild owner Craig Leipold, Ecolab, and other local real estate developers to ensure St. Paul remains strong for generations to come.”

Securian Financial and the St. Paul-based Bush Foundation have invested $30 million in a new Saint Paul Downtown Investment Fund, which will be used to support downtown development. That news was announced in February by the Saint Paul Downtown Development Corp.

St. Paul Mayor Kaohly Her lauded the investment in the Saint Paul Hotel, and she has made the revitalization of downtown a key priority of her new administration. She has been working closely with Leipold to secure the Minnesota Legislature’s support to renovate the city-owned Grand Casino Arena and two adjacent facilities.

The St. Paul Pioneer Press reported Thursday that $50 million is included for the Grand Casino Arena complex in a $1.2 billion bonding bill agreement reached by Gov. Tim Walz and legislative leaders. The bill earmarks $40 million for a Roy Wilkins Auditorium project and $10 million for planning and design for the arena renovation.

In March, the mayor sought $200 million in state funding for upgrading the arena, auditorium, and RiverCentre convention facility, which Her said would be matched by $162.5 million each from the Minnesota Wild and city of St. Paul, the newspaper reported.

Close relationships bind trio

During a June panel discussion on corporate leaders and civic engagement, Ecolab’s Beck talked about his relationships with Hilger and Leipold.

“We’ve become such close friends,” Beck told the Harvard Club of Minnesota. He emphasized that the three men are committed to keeping their businesses in St. Paul.

“It’s this friendship, this relationship, the trust, the commitment,” he said, which keeps him focused on progress.

“If we get organized, if we trust each other, if we do [things] the right way, there is zero doubt in my mind that we will get to the right place,” Beck says.

Leipold, who grew up in Neenah, Wisconsin, a small regional center southwest of Green Bay, recently made two other Minnesota-based investments.

In mid-November, Major League Volleyball announced that a women’s volleyball franchise would be added to the league and would be majority owned and operated by Minnesota Sports & Entertainment. Leipold is the majority owner and principal investor in Minnesota Sports & Entertainment.

Last year, Leipold also became a minority owner of the Minnesota Twins baseball team. “I’m a big, big believer in the value of sports franchises,” Leipold said in a Twin Cities Business interview in December.

“As things moved in one direction, and I had conversations with Tom Pohlad, I was very impressed with the family and the discussion about a minority interest,” Leipold said. “So I just decided to get involved. It’s a business opportunity.”