In a joint venture with the University of Minnesota, United Properties recently finalized the $10.6 million purchase of the Days Inn Hotel on University Avenue near the campus.
Bloomington-based United Properties said the the hotel and adjacent Tea House restaurant will continue to operate at the 2.36-acre site with current management and staff, said Brandon Champeau, the firm's assistant vice president.
But this year, the partners of the joint venture (called 2407 University Investment LLC) plan to renovate the six-story, 130-room hotel, which is located close to the future Central Corridor light rail line.
The seller was CRI Hotel Income of Minnesota LLC, based in Rockville, Md. The deal was originally announced in mid-September, but the sale wasn't finalized until Dec. 31.
"We look forward to working with the University, the City of Minneapolis and Prospect Park on shaping the future of this exciting area," Champeau said in a statement.