Boykin officials say it will use the net proceeds from the sale to reduce the outstanding balance on its credit facility. CSM, based in Minneapolis, says the property is centrally and conveniently located to all major attractions and businesses in the Twin Cities. The property features a four-story atrium lobby, indoor pool, whirlpool, weight room, executive suites and more than 10,000 sf of meeting and event space. There are three food and beverage outlets onsite: Martha's Midwestern bistro, a restaurant; Chappy's Lounge, a bar; and Java Heaven, a coffee bar.

Robin Kirk, president of CSM Lodging, says his company plans on buying several more hotels this year in the Twin Cities and in other markets. CSM Lodging plans to completely renovate the property over the coming months, Kirk says. Renovations include adding high-speed Internet access to every room as well as the addition of a state-of-the-art business center, he adds.

CSM Lodging is a division of CSM Corp., which owns and operates Marriott, Hilton and Country Inn Hotels, and has 33 hotels across the US. Boykin Lodging focuses on the ownership of full-service, upscale commercial and resort hotels. The company owns 26 hotels containing a total of 7,700 rooms located in 16 states.