The Holiday Inn off Interstate 94 on the East Side of St. Paul has been sold for $15 million.
The 193-room hotel is located near McKnight Road and close to the 3M Co. headquarters.
According to an electronic certificate of real estate value, the Holiday Inn was sold by Won Huh LLC to Twin Cities Hospitality Partners LLC, which appears to be affiliated with Pennsylvania-based real estate private equity firm Centura Capital.
A Centura representative didn’t return a request for comment.
In 2015, the hotel completed a renovation of the public space at the building. It renovated its guest rooms in 2010.
According to the recent Cushman & Wakefield NorthMarq Compass Report, the average daily revenue and revenue per available room for hotels in the Twin Cities jumped last year, though growth is expected to slow.
United Properties purchases 24 acres of farmland for Eagan development
United Properties has purchased 24 acres of farmland in Eagan that it plans to convert into a sprawling development for apartments, senior housing, a hotel and retail.
United paid a little more than $5.5 million for the land located on Yankee Doodle Road between Coachman Road and Central Parkway, according to an electronic certificate of real estate value made public last week.
Last September, United requested that the city rezone the area to allow for the planned development.
Preliminary plans were for the development to include a 128-room Residence Inn, senior housing, an apartment complex and retail, such as a grocery store.
United purchased the property from a number of sellers and combined the lots.
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