Two of Minneapolis' most luxurious hotels are to be sold to a Texas-based investment trust for a combined $101 million.
The 289-room W Minneapolis – located in the famous Foshay Tower – and the 60-room boutique hotel Le Meridien Chambers, at 901 Hennepin Avenue, are under contract to be sold to the Ashford Hospitality Trust in Dallas, real estate website GlobeSt reports.
The website notes that the trust has been attracted to the businesses because Minneapolis has "one of the healthiest economies in the US" and the city is set to benefit further from the opening of the Vikings Stadium in 2016 – and the Super Bowl that will follow in 2018.
The Business Journal reports that the W opened in 2008 following a major renovation and restoration of the Foshay – which until 1972 was the city's tallest building. It includes a 6,700 square foot meeting space, an open air observation deck and a ground-floor restaurant space currently home to Manny's Steakhouse.
Le Meridian meanwhile opened in 2006 and is home to 200 pieces of original contemporary art, the website notes.
The Star Tribune reports that Ralph Burnet, chairman of Coldwell Banker Burnet Realty, is a part of the joint venture that currently owns the hotels, buying the Foshay Tower in 2005 for $15 million and spending $75 million on a renovation.
They bought the site for Le Meridian Chambers around the same time, forking out $30 million for three separate parcels of land.
Both hotels will continue to be managed by Starwood Hotels, reports note.