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Four-State Dakota Hotel Pack on the March

CHICAGO-The eight-hotel portfolio has a total of 986 rooms and is rumored to have sold for more than $100 million.

By Gina Kenny | Updated on December 19, 2007

CHICAGO-Dakota Hospitality, based in Fargo, ND, has sold an eight-hotel portfolio to a partnership between PGPW LLC and First Call Hotels, both based in Minneapolis. The price is rumored to be in excess of $100 million.

The portfolio has a total of 986 rooms and includes Holiday Inn, Holiday Inn Express, Holiday Inn Express Hotel & Suites and Hilton Garden Inn brands. The hotels are in Minnesota, Kansas, Texas and North Dakota, says Al Calhoun, a managing director for Jones Lang LaSalle Hotels. The cap rate was in the “high 8′s,” Calhoun tells GlobeSt.com.

Jones Lang LaSalle Hotels, based in Chicago, represented the seller in the transaction. Dakota Hospitality had owned Holiday Inn, 3803 13th Ave. South, Fargo, ND; Holiday Inn Express, 1040 40th St. South, Fargo, ND; Holiday Inn Express Hotel & Suites, 10985 Red Circle Dr., Minnetonka, MN; Holiday Inn Express Hotel & Suites, 4609 City Lake Blvd., Fort Worth, TX; Holiday Inn Express Hotel & Suites, 309 State Hwy. 114 West, Grapevine, TX; Hilton Garden Inn, 4400 North Freeway, Fort Worth, TX; Hilton Garden Inn, 6330 Point Chase, Eden Prairie, MN; and Hilton Garden Inn, 5800 College Blvd., Overland Park, KS, according to Dakota Hospitality’s website. “The properties each had different sets of partners and the properties had met the partners’ objectives when the partnerships were set up,” Calhoun says.

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