Two Largest Hotels in Downtown Saint Paul, Minnesota
|SAN DIEGO, California - - March 6, 2006 - - Neptune Hospitality Advisors,
Inc. served as exclusive advisor to the Saint Paul Port Authority in the
sale of the 475-room Radisson Riverfront and the 250-rooom Radisson City
Center hotels in Saint Paul, Minnesota. The hotels sold as a package
to St. Paul Hotels LLC, a partnership between Trinity Hotel Investors L.L.C.
and BayNorth Realty Fund IV.
The Riverfront hotel has already been converted to the Crowne Plaza Saint Paul – Riverfront and will undergo approximately $4.5 million in upgrades and renovations over the next six months. In addition, the City Center Hotel Saint Paul will operate independently as it undergoes over $9.5 million in renovations and will be reposition as an upscale, select service hotel. The hotels will be managed by Crestline Hospitality.
“The sale process for these two hotels held a number of atypical complexities that we successfully worked through”, commented Mike Armstrong, President of Neptune. “A few of these complexities included brokering a controlling interest (in the rooms inventory) in the downtown Saint Paul hotel market, identifying buyers interested in two distinctly different assets while simultaneously maximizing the sales price, working with city-owned parking and shared-use agreements, labor union contract renegotiations, and the scope of renovations required from the new brands for the repositioning and reflagging. We were able to identify the ideal purchaser who worked through the complicated issues and who has the vision to convert the hotels to flags with better perceived value and who has the resources to execute on such a business plan.”
“We are excited about the opportunity to enter the Saint Paul market, to invest in the city and to continue to foster its downtown rebirth. The team at Neptune was essential in aiding our understanding of the market and the assets, and in ensuring a successful closing of the transaction,” said Brian Patrick Martin, a Trinity principal.
Neptune Hospitality Advisors is a real estate investment bank dedicated to the hotel industry. As a boutique, client-focused firm, Neptune provides a principal-to-principal focus and a sophisticated approach to providing investment sales, financing and capital raising services, and advisory services to the hospitality industry. Its principals have over $4 billion of real estate and finance experience collectively.
The Aventine Building
8910 University Center Lane
San Diego, CA 92122
P. (858) 964-5678
F. (858) 964-5679
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