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Graves Hospitality Sells Le St. Germain Hotel in St. Cloud, Minnesota
for $6.2 Million

The Property will become a Courtyard Suites by Marriott

By Kevin Allenspach, St. Cloud Times, Minn.McClatchy-Tribune Regional News

Nov. 29, 2012--A downtown St. Cloud landmark has changed hands and soon will be changing its name.

The Le St. Germain Hotel, owned by Graves Hospitality Corporation, has been sold for $6.2 million to St. Cloud Downtown Hotel LLC. According to documents filed with the city, the eight-story building at 404 St. Germain St. will do business as Courtyard Suites by Marriott.

Jim Graves, who recently was a candidate in the 6th congressional district election, is CEO of Graves Hospitality and said today the sale closed within the past week. The buyer is controlled by Jeff Lamont of Aberdeen, S.D., where he is CEO and president of Lamont Companies, which owns two other hotels in the St. Cloud area.

"They approached us awhile back and were interested in doing an upgrade to the property," said Graves, whose company built the hotel in 1987. "We weren't concerned with selling one way or the other but, in business, you do things from time to time. There are tax implications if you hold an asset for a long period of time and that figured in."

Lamont did not immediately return a phone message today.

An application for a liquor license for the new hotel owner will come before the St. Cloud City Council. A public hearing has been set for Dec. 17.


(c)2012 the St. Cloud Times (St. Cloud, Minn.)

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