Denver Firm Buys 3rd MN Hotel, Plans $10M Upgrade
The Marriott Minneapolis Southwest in Minnetonka was sold Tuesday to Denver-based Sage Hospitality for an undisclosed sum.
The 321-room hotel is Sage Hospitality’s third hotel in Minnesota. It also bought the DoubleTree Suites by Hilton in downtown Minneapolis in 2012 and owns Duluth’s Fairfield Inn.
Sage Hospitality said it plans to invest more than $10 million in renovations. Michael Everett, chief investment officer for Sage Hospitality, told Twin Cities Business that the renovations will go toward guest room and meeting space upgrades, as well as some moderate improvements to the lobby.
“We are excited to continue growing in the Minnesota market,” Everett said in a statement. “The Marriott Minneapolis Southwest features many of the key investment parameters that are core to our value-add growth strategy, and Sage looks forward to bringing its management and ownership expertise to this exciting hotel.”
According to Sage, the hotel offers about 14,000 square feet of meeting and event space and is part of the Opus 2 Business Park in Minnetonka.
Everett said that Sage is “very bullish on the stability, health, and growth prospects in the Minnesota market and will continue to actively seek out new opportunities in the MSP area,” but that the company doesn’t have any deals currently in the works for other local hotels.