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Sheraton Minneapolis Midtown Hotel sells

The Sheraton Minneapolis Midtown Hotel has been sold for nearly $10 million and will undergo a series of renovations.

The 136-room hotel, located off Chicago Avenue near Lake Street close to the Midtown Global Market in south Minneapolis, was sold by Midtown Exchange Hotel, LLC, an entity associated with Minneapolis-based developer Ryan Cos., according to an electronic certificate of real estate value made public this week.

The Sheraton was purchased by Al Qamra (MN), Inc., which is part of a larger holding group with headquarters in Qatar.      

The Eden Prairie-based Leines Hotel Advisors represented Midtown Exchange in the sale.

Kinseth Hospitality Companies will continue to manage the hotel. The hotel will remain a Sheraton. The hotel, which was built in 2005, will undergo about $3 million in improvements, which will included a refresh of the guestrooms, new furnishings and carpets, and upgrades to public areas such as the lobby and restaurant, said Ted Leines, founder and chief executive of Leines Hotel Advisors.

City Council approves appeal of North Loop office building



A North Loop office building will likely have to be smaller after the Minneapolis City Council approved a resident’s appeal that it was not appropriate for the neighborhood.

On Friday, the City Council voted that developers CPM Cos. and Swervo Development need to make changes to their proposal to build a new building atop a surface parking lot at 419 Washington Ave. N. The City Council approved without discussion the appeal that was introduced the week before at a zoning and planning committee meeting.

North Loop resident Jerrit Bromley argued that the building did not fit the rest of the neighborhood because it was taller than other nearby structures and it failed to meet height guidelines for that section of the historic Warehouse District.

At the committee meeting, staff said the building is actually 15 stories under the zoning code definitions of height and stories though a casual observer would think it appears to be 10 stories. The maximum allowed is 10 stories.

The developers are in the process of discussing next steps with the city, said Dean Dovolis, a principal at DJR Architecture, which is working on the project.

Asked if the new building will be shorter than what was originally proposed, Dovolis said, he couldn’t provide specifics yet but he said, “We will work through that.”