Minneapolis-based CSM Corp. announced Thursday the sale of six hotel properties, including two in Roseville, to Blackstone Group – the world's largest real estate private equity firm.
The sale comes a month after Blackstone's headline-grabbing acquisition of nearly all of GE Capital Real Estate's assets, a transaction valued at more than $23 billion, bringing the New York-based company's global assets to about $100 billion.
CSM's sale portfolio totals 740 guest rooms in Minnesota, Oregon and Arizona. Terms of the deal were not disclosed.
Blackstone will retain CSM as the property manager of the properties.
“We will remain involved in the day-to-day operations of these properties, ensuring quality management services and exceptional customer service,” said Bob Micklash, president of CSM’s lodging division.
The properties sold to Blackstone are:
• Courtyard by Marriott - Minneapolis/St. Paul-Roseville
• Residence Inn by Marriott - Minneapolis/St. Paul Roseville
• Courtyard by Marriott - Portland Southeast
• Hilton Garden Inn - Portland/Beaverton
• Residence Inn by Marriott - Phoenix-Mesa
• Residence Inn by Marriott - Portland North/Vancouver.
CSM still owns 14 hotel properties across the Twin Cities Metro, including The Renaissance Minneapolis Hotel – The Depot.