Two hotel projects would add 231 rooms to Eagan, where hospitality demand is increasing along with more retail and a new Minnesota Vikings headquarters.
The hotel lending community is confident for the upcoming year, but the outlook gets hazier the further lenders look out. Speaking during the recent Hotel News Now Lender Roundtable, Aries Capital Chairman and CEO Neil Freeman said he has some concerns when projecting more than 12 months.
In many ways, the Hewing Hotel belongs in the North Loop, with its chef-driven restaurant, exposed brick rooms and lumber from the 1800s. But the boutique hotel also adds some things lacking or missing from the neighborhood, namely 124 hotel rooms and a rooftop bar and lounge. Developers Aparium Hotel Group of Chicago and Fe Equus of Milwaukee are pushing to get their first Twin Cities project open in November. They’re working with Greiner Construction of Minneapolis and architect Elness Swenson Graham of Minneapolis on the $38.4 million project.
The 116-suite Residence Inn by Marriott in Woodbury, Minnesota, opened in September 2016. Located at 205 Radio Drive, the all-suite Residence Inn St. Paul Woodbury will operate as a Marriott franchise, managed by TMI Hospitality of Fargo, North Dakota.
The Chinese Ministry of Commerce has authorized Marriott International’s acquisition of Starwood Hotels & Resorts Worldwide, paving the way for the two companies to close the transaction by the end of this week.
Red Lion Hotels Corporation, a growing hospitality company that operates and franchises upscale, midscale and economy hotels, announced it has entered into a definitive agreement to acquire the global brands and brand operations of Vantage Hospitality Group, Inc. based in Coral Springs, FL, for an initial aggregate price of $23 million in cash and 690,000 shares of the Company’s common stock.
Four new hotels have opened recently (or will soon) and an existing hotel has expanded. In total, those five hotels will add 933 rooms to the Minneapolis downtown core.
Six hotels, all under different brands, in the two downtowns will add more than 1,000 rooms to the Twin Cities hospitality market, which already has about 40,000 total rooms. Just this past week, a Hyatt Place opened in the old Post Office building in St. Paul. Hundreds more rooms are expected to follow in the coming years. Hospitality industry experts say the market can easily absorb the new capacity, at least while the economy is strong.
The city of Coralville, Iowa, is looking to regulate how homes and other rooms are rented through online home-sharing services like Airbnb. At the same time, the city is seeing a boom in the local hotel market, with five new hotels in varying stages of development and others still in the planning stage.
Plans to build a 123-room Hilton Home2 Suites in Eagan’s Cedar Grove area are back on again after the city found a new developer. Eagan-based JR Hospitality has a purchase agreement with the city’s economic development authority to pay $491,700 for the 0.9-acre site and another $489,300 for use of 129 stalls in a nearby city-owned parking garage.
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