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Marquette Hotel at IDS Center sold for $74.5 million

The Austin, Texas company is a private investment and development group for luxury hotels, with holdings in several states. It's also the hotel development partner of the high-profile Nicollet Hotel Block, according to Bloomington-based United Properties, which is lead developer of that project.

By Kristen Leigh Painter

February 4, 2016 at 11:33PM

(The Minnesota Star Tribune)

The IDS Center is in the foreground and the Marquette Hotel is the 12-story building in the background. The buildings have the same surface material. (The Minnesota Star Tribune)

An Austin, Texas-based real estate company has bought the Marquette Hotel at IDS Center for $74.5 million, according to public documents filed Thursday.

The company is affiliated with JMI Realty, a private investment and development group for luxury hotels that has holdings in several states. JMI Realty is also the hotel development partner of the high-profile Nicollet Hotel Block, according to Bloomington-based United Properties, which is lead developer of that project.

The 281-room Marquette Hotel, located at 701 Marquette, is a Hilton hotel. The sale, which closed Jan. 28, averages more than $265,000 per room.

The 57-story IDS Center is attached, but has a different owner than the 12-story hotel.