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.