The Radisson Blu in downtown Minneapolis has a new owner.
Hospitality Properties Trust (HPT), a longtime partner of recently rebranded Radisson Hotel Group, has acquired the 360-room luxury hotel.
The hotel, on 7th Street between Nicollet Mall and Hennepin Avenue, was for years a flagship of the former Carlson Hotels, which is now called Radisson Hospitality Inc.
"We are thrilled to not only be acquiring the Radisson Blu Minneapolis downtown, but further expanding our partnership with Radisson Hotel Group," John Murray, HPT's president and chief executive, said in a statement. "We are confident that their new vision and strategic direction, coupled with the investment we are making into our portfolio of hotels, will result in success for both sides."
The hotel was sold for $75 million, according to the state electronic certificate of real estate value.
The Radisson was the first hotel bought by Curt Carlson, the late Carlson patriarch, who went on to grow the Radisson brand.
In 2013, Carlson Hotels sold the hotel to California-based Chartres Lodging Group, which is affiliated with global investment firm KKR. The sale included a long-term management contract with what is now Radisson Hotel Group. In 2014, the hotel underwent a $28 million renovation and was reopened as a Radisson Blu.
In addition to its rooms, the hotel has 29,000 square feet of meeting and event space, a business center, and the FireLake Grill House and Cocktail Bar.
The Radisson Blu in Minneapolis will be the ninth property owned by HPT and managed by the Radisson Hotel Group.
HPT has announced it will invest more than $50 million in its Radisson Hotel Group brands including the Country Inn & Suites by Radisson in Brooklyn Center.
Radisson Hotel Group is in the midst of investing nearly $200 million to rebrand and reposition its company, including a strategy to increase the number of Radisson Blu hotels in the United States. There are only three in the U.S. now, with far more in Europe, the Middle East, Africa and Asia.
"We deeply value our long-standing partnership with HPT and their commitment to investing in our portfolio of hotels," Ken Greene, president of the Americas for Radisson Hotel Group, said in a statement. "This aligns with our five-year plan and the commitment we are making, along with our partners like HPT, for significant investments in rebranding or repositioning our hotels in the Americas."