Despite lower occupancy levels across the U.S. hotel industry in 2021, the sector continued to experience favorable sales activity throughout the year.
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HotelRed at the corner of Regent and Monroe streets in Madison will be converted to housing under a plan from Steve Brown Apartments. The 48-room hotel opened in 2011 but has been closed since March 2020.
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The Holiday Inn Express at Drake University, 1140 24th St. in Des Moines, has closed. The hotel had a long-term lease from Drake University, owner of the building.
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Monarch Alternative Capital LP, a leading investment firm with approximately $9 billion of assets under management, has purchased the Westin Minneapolis in Minnesota in partnership with HEI Hotels & Resorts. The Westin Minneapolis acquisition, Monarch’s twelfth hotel purchase in 2021, highlights the firm’s continued ability to identify attractive properties that it believes are well-positioned to benefit from the return of both business and leisure travel. The Westin Minneapolis is a 214 key, full-service business-oriented hotel in the heart of downtown Minneapolis.
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