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 […]
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Entries by tina.stadtherr
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. […]
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, […]
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 […]
Hotels are doing better than ever. More rooms have been occupied in 2018 at higher rents than ever before. “We are at peak performance—and we don’t expect that to change much,” says Jan Freitag, senior vice president of lodging insights for research firm STR. Hotel owners still worry about the rising costs to operate their […]
The Kahler Grand Hotel, Rochester’s oldest hotel property, is getting a major upgrade starting next month. Kahler Hospitality Group on Thursday announced a $30 million renovation project for the hotel, a plan that will include nearly all hotel floors and expand the size of nearly 200 rooms. The 660-room hotel will cut the number of […]
The on-again, off-again courtship of Four Seasons Hotels & Resorts by United Properties looks like it’s going to end in a marriage. The Toronto-based luxury hospitality company has committed to opening a 280-room hotel and restaurant in the 37-story downtown tower that United Properties is planning at the northern end of Nicollet Mall. View full […]
It’s hard to imagine how things can get much better for the U.S. hotel sector, and that can make it surprisingly difficult for investors to find acquisition deals that make sense. “Right now, we are in the strongest occupancy environment ever recorded,” says Jan D. Freitag, senior vice president of lodging insights for research firm […]
Bloomington officials are ramping up their effort to sell the Thunderbird Motel site just north of Mall of America. View full article.
Mayo Clinic is partnering with a Singapore real estate developer to expand downtown Rochester’s Gonda Building, adding 11 stories and a 200-room “premier hotel.” The Rochester, Minn.-based health system announced the project and partnership, with Singapore’s Pontiac Land Group, Tuesday morning. View full article.
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