Dec. 13, 2012--The Seven Corners Holiday Inn near the University of Minnesota has been sold to Heartland Realty Investments for $12.75 million, according to Finance & Commerce. The new owners plan to spend an additional $10 million for renovation of the 265-room hotel.

The former owner was Capital Realty Investments, which developed the hotel near the Washington Avenue exit off I-35W in the early 1980s.

The new owners have dropped the Holiday Inn brand and will announce a new hotel affiliation in the future, the publication said.

David Phelps -- 612-673-7269

___

(c)2012 the Star Tribune (Minneapolis)

Visit the Star Tribune (Minneapolis) at www.startribune.com

Distributed by MCT Information Services