South Dakota economy seeing slower growth, but not everywhere

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Economists are regularly faced with the challenge of squaring the micro and macro—seeing how conditions on the ground can be understood in the larger context of data. Comparing the two angles is not always the perfect means, but there are often good lessons to learn.

In late November, Minneapolis Fed outreach staff took a brief tour of central South Dakota, sharing macro data on state and local economic conditions with state banking officials, along with business and community leaders in Pierre, Huron, and Brookings.

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New hotel opens in St. Paul’s West 7th neighborhood

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Downtown St. Paul has a new hotel alongside a remnant of the city’s past.

The 100-suite Residence Inn by Marriott opened Monday next to the city’s oldest surviving fire station on Grand Avenue close to W. 7th Street on the outskirts of downtown.

“We are pleased to introduce Residence Inn hotels in the downtown St. Paul area,” said Diane Mayer, vice president and global brand manager, Residence Inn, in a statement.

The Hope Engine Company No. 3 firehouse, which was built in 1872 and operated until 1965, had been destined for the wrecking ball as part of the hotel development until neighbors and local history advocates organized to save it two years ago.

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Magna Hospitality has purchased Grand Hotel Minneapolis for $30 million

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The historic Grand Hotel Minneapolis has sold for $30 million to an entity related to Warwick, R.I.-based Magna Hospitality Group.

The 140-room upscale hotel was previously owned by Bethesda, Md.-based Pebblebrook Hotel Trust. The sale price is $3 million less than what Pebblebrook paid for the property in 2010. The company, in a press release, said the sale will amount to $4 million in taxable losses.

The buyer was not disclosed in Pebblebrook’s announcement, but a Securities and Exchange Commission filing shows MHF Properties VI LLC, a Magna affiliate, is the buyer. Neither Pebblebrook nor Magna could be reached for comment.

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Beige Bonus: An expanded look at regional economic conditions

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The Federal Reserve Bank of Minneapolis’ most recent Beige Book report on current business conditions, released Dec. 5, found that the Ninth District economy continued to grow in many areas, including construction, manufacturing, and energy.

Supplemental information offers additional details on how business contacts view current economic conditions. Most saw the economy growing in their region or sector, with some notable exceptions like agriculture. Many also noted growth in spite of a variety of challenges. (All source contacts were made before Friday, Nov. 23, and, similar to the Beige Book policy, all sources remain anonymous to protect confidentiality.)