Search
 

New Runway Will Take Out Three Hotels

BLOOMINGTON, MN-The hotels represent 800 rooms; already developers have plans to add up to 2,100 more rooms in the market, mostly near the Mall of America.

By Jim McCartney | Updated on January 19, 2004

BLOOMINGTON, MN-After years of delay, three local hotels in the path of a new runway for the Minneapolis-St. Paul International Airport will be gone by the end of this spring.

The three hotels, with almost 800 rooms, are the 325-room Mall of America Grand, the 250-room Ramada (formerly flagged as a Sheraton) and the 204-room Exel Inn. The Ramada was torn down last year, while the Exel and Grand are expected to go this spring. But before the last two go, hotel developers have already submitted proposals to the city for hotels that would add 2,100 rooms.

The nation’s hotel market, along with the rest of the travel industry, has suffered in the aftershock of the Sept. 11, 2001 terrorist attack, the SARS outbreak and the recent recession, and the Twin Cities is no exception, says Steve Sherf, a hotel market analyst with GVA Marquette Advisors. Hotel occupancy has dropped significantly in the last few years, as have room rates.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.