Providence, Rhode Island-based Hotel Asset Value Enhancement (HotelAVE) announced Friday that it has acquired the Northland Inn in Brooklyn Park.

Financial terms of the acquisition were not disclosed.

HotelAve partnered with an institutional investment fund on the purchase. The fund is managed by Boston-based Fidelity Real Estate Group, a division of Pyramis Global Advisors.

StepStone Hospitality, HotelAVE's sister company, will take over management of the hotel, effective immediately. Including the Northland Inn, StepStone manages nine hotels in six states.

The Northland Inn-which went into foreclosure in 2009-has 231 rooms, all of which are suites. It also has more than 33,000 square feet of meeting space that can serve up to 1,200 people.

HotelAve said in a statement that it plans to retain all of the hotel's current staff of 135 employees. The company also said that it has not determined yet if the 20-year-old Northland Inn will continue to operate as an independent hotel or be re-branded.

“The Northland Inn is a fabulous property and a great addition as we grow our portfolio,” Thomas Russo, CEO of StepStone Hospitality, said in a statement. “We are excited about the potential we see in the Twin Cities market. Our first priority is to restore the confidence of our employees, clients, and business partners to ensure this hotel has a long, bright future for all invested parties.”

A Friday afternoon call to Russo to see if the company has other expansion plans in Minnesota was not immediately returned.