News for the Hospitality Executive |
Acquire Minneapolis's Northland Inn StepStone Hospitality Will Take Over Management of the 231-room Property PROVIDENCE, R.I., October 8, 2010 - Hotel Asset Value Enhancement (hotelAVE) has partnered with an institutional investment fund to acquire the Northland Inn, an all-suite hotel and conference center located in the Minneapolis suburb of Brooklyn Park, Minn. The dollar figure for the transaction was not disclosed but the partnership is committed to substantial reinvestment in the property with a goal of reclaiming the hotel's prominence in the marketplace. Rhode Island-based Hotel Asset Value Enhancement Inc. is one of the
nation's largest hotel real estate advisory firms. The institutional
investment fund is managed by Fidelity Real Estate Group, a division of
Pyramis Global Advisors, a Fidelity Investments Company. StepStone
Hospitality, hotelAVE's sister company, will take over management of the
property, effective immediately.
"The Northland Inn is a fabulous property and a great addition as we
grow our portfolio," said Thomas Russo, chief executive officer, StepStone
Hospitality. "We are excited about the potential we see in the Twin
Cities market. Our first priority is to restore the confidence of
our employees, clients, and business partners to ensure this hotel has
a long, bright future for all invested parties."
The 231-room hotel is one of the largest meetings hotels in Minnesota, the only all-suite meetings hotel capable of handling meetings for up to 850 guests, and features some of the most spacious guestrooms in the Upper Midwest. "Hotel guests and conference participants can rest assured that they will receive the best possible service and accommodations at the Northland Inn," explained Blair Wills, president, StepStone Hospitality. "The new ownership and management are dedicated to making the Northland Inn one of the most sought after conference and meeting facilities in the state." With the acquisition of The Northland Inn, StepStone Hospitality now manages nine hotels in six states. The company currently manages hotels under the following brands: Doubletree Guest Suites, Crowne Plaza and Four Points by Sheraton. It has not yet been announced whether the 20-year-old Northland Inn will continue to operate as an independent hotel or be re-branded. |
Contact:
Hotel Asset Value Enhancement Inc.
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