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