Ashford Trust Acquires Two MN Hotels

MINNEAPOLIS—Ashford Hospitality Trust Inc. just decided to place a big bet on the market in Minneapolis. The Dallas-based company has acquired the 229-room W Minneapolis Hotel – The Foshay and the 60-room Le Meridien Chambers Minneapolis hotel for $101 million in cash, or about $349,000 per key. The city has one of the healthiest economies in the US, and Ashford officials believe its hotels have a bright future.

“This transaction represents a remarkable opportunity to acquire two well-located hotels in the Minneapolis market, which is experiencing strong RevPAR growth,” said Monty J. Bennett, Ashford’s chairman and chief executive officer, in a prepared statement. A company spokesperson did not respond to a call from GlobeSt.com. And “with the expansion of demand drivers, including the highly anticipated addition of the New Minnesota Stadium, which is expected to open in 2016, we believe these hotels are well-positioned to achieve further increases in RevPAR.”