MINNEAPOLIS—A venture led by Sage Hospitality used a $30.3 million loan commitment from PCCP, LLC in its recent acquisition of the Marriott Minneapolis Southwest in suburban Minnetonka and will also use the funds for a full renovation.
Built in 1988, the 321-key, full-service 16-story hotel at 5801 Opus Pkwy. has more than 14,500-square-feet of meeting facilities, over 4,700-square-feet of function space, a restaurant, fitness center, and indoor pool.
“This is our first transaction with Sage Hospitality and we are pleased to be a part of this acquisition with such an experienced owner and operator,” said John Randall, senior vice president of PCCP. “The hotel has value-added potential as the new owner plans on making improvements in management and renovation. This, in combination with a strong local market that continues to thrive and grow, presents a promising long-term opportunity.”
The new owner plans to invest nearly $10 million, enhancing management and staffing and renovating the hotel rooms, function spaces, public restrooms, lobbies and elevator cabs.
The Marriott sits about 12 miles southwest of downtown in one of the busier suburban submarkets. It is the only full-service hotel within the 640-acre Opus 2 Business Park, the area's largest employment center. Additionally, it sits directly across the street from the world headquarters of United Health Group, one of the largest public companies in the US.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
