A New York investment firm sold six suburban Twin Cities suites hotels earlier this month, making about $3 million in profit after less than two years of ownership.
The hotels are three pairs of SpringHill and TownePlace suite units of Marriott International Inc., located adjacent to each other at locations in Eagan, Eden Prairie and St. Louis Park.
All were originally developed and built in the late 1990s by CSM Corp., the Minneapolis construction company. CSM sold them in September 2014 to Garrison Investment Group of New York for $52.6 million but continued to manage their operations.
Earlier this month, Garrison sold the hotels to Arch Street Capital Advisors of Greenwich, Conn., for $56 million, according to state property records.
The biggest of the six, a 126-unit SpringHill Suites site on 5901 Wayzata Blvd. in St. Louis Park, sold for $14.6 million in the latest deal, down from its $16.3 million transaction price in 2014. The SpringHill Suites property in Eagan sold for $6.5 million, just below its $6.7 million price in 2014.
The other four properties sold for more than they did in 2014. Of them, Garrison made the biggest profit — $2.4 million — on the TownePlace Suites property at 3615 Crestridge Drive in Eagan.