Twin Cities businessman and hotel founder Jim Graves has suspended his candidacy for U.S. Congress.

Graves, a Democrat who founded AmericInn and the Graves Hospitality company, on Friday announced his plans to drop out of the race—just days after his anticipated opponent, Republican Representative Michele Bachmann, announced that she wouldn’t seek reelection.

In a statement distributed to the press, Graves said he decided to suspend his campaign “indefinitely.”

He said that his campaign’s goal was to challenge Bachmann, and when she announced plans to drop out of the race, “that goal was accomplished.”

Graves had announced plans in April to once again run for Minnesota’s 6th Congressional District seat. During his last campaign, he lost narrowly to Bachmann.

Another Minnesota business leader recently announced plans to run for national office: Michael McFadden last week stepped down from his role as co-CEO of Minneapolis-based investment bank Lazard Middle Market in order to focus on his U.S. Senate campaign. The Republican plans to challenge Democratic U.S. Senator Al Franken next year.