Hotel Minneapolis sold for $46 million

Chesapeake Lodging Trust said Tuesday it has bought The Hotel Minneapolis, a 222-room Marriott Autograph Collection hotel in downtown Minneapolis, from HEI Hotels and Resorts for $46.0 million.

Norwalk, Conn.-based HEI will continue to manage the property, which will continue to operate under the Autograph Collection brand following the deal. The hotel is located at 215 S. Fourth St.

"We are thrilled to expand our portfolio with another high-quality, full-service boutique lifestyle property located in the core [central business district] of Minneapolis," Chesapeake CEO James Francis said in a statement. "The property has been meticulously restored and is one of the premier hotels in the city."

HEI bought the hotel in 2010. The original developer, Hempel Properties, and its hospitality partner, Morrissey Hospitality Cos. Inc., retained minority interests.

The property originally operated as part of Hilton Hotels' Doubletree brand.

Reported by:  Minneapolis St. Paul Business Journal