The Sheraton Minneapolis Midtown Hotel has been sold for nearly $10 million and will undergo a series of renovations.
The 136-room hotel, located off Chicago Avenue near Lake Street close to the Midtown Global Market in south Minneapolis, was sold by Midtown Exchange Hotel, LLC, an entity associated with Minneapolis-based developer Ryan Cos., according to an electronic certificate of real estate value made public this week.
The Sheraton was purchased by Al Qamra (MN), Inc., which is part of a larger holding group with headquarters in Qatar. Â Â Â Â Â
The Eden Prairie-based Leines Hotel Advisors represented Midtown Exchange in the sale.
Kinseth Hospitality Companies will continue to manage the hotel. The hotel will remain a Sheraton. The hotel, which was built in 2005, will undergo about $3 million in improvements, which will included a refresh of the guestrooms, new furnishings and carpets, and upgrades to public areas such as the lobby and restaurant, said Ted Leines, founder and chief executive of Leines Hotel Advisors.
Just Listed brings you the latest news and information from the Twin Cities-area commercial and residential real estate market and beyond from veteran reporters Jim Buchta and Kristen Leigh Painter.
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