The DoubleTree Suites in downtown Minneapolis has changed owners.
The all-suite hotel on the corner of LaSalle Avenue and 11th Street was acquired by New Orleans-based developer HRI Properties, which also owns and manages the Embassy Suites by Hilton Minneapolis Downtown hotel that is slated to open Aug. 24. HRI Lodging (HRIL), a subsidiary of HRI Properties, will manage the hotel.
"DoubleTree Suites by Hilton Hotel Minneapolis is an excellent fit for our portfolio," said Gary Gutierrez, HRIL president and chief operating officer, in a statement. "We are poised for success in the downtown Minneapolis market holding a majority of the all-suite product in the area and continuing our relationship with the Hilton brand – this being the 11th Hilton flagged hotel in our portfolio."
Starting early next year, the DoubleTree will undergo $3.5 million in renovations to the suites and the common areas, the company announced. The terms were not immediately available Wednesday night.
The DoubleTree had been owned by an affiliate of Connecticut-based Wheelock Street Capital. In 2012, the real estate investment firm purchased the hotel with several other assets from an affiliate of California-based Sunstone Hotel Investors.
Last year, HRI purchased the historic Plymouth Building, located at 5th Street and Hennepin Avenue S., for $20 million and pulled nearly $51 million in work permits last year to turn the 105-year office building into the Embassy Suites.
