Downtown Minneapolis hotel to convert to Hyatt Place following $20M renovation

Hyatt Hotels Corp. has acquired the Comfort Suites hotel in downtown Minneapolis and will rebrand it as a Hyatt Place following a $20 million renovation.

Upon completion of that renovation, Summit Hotel Properties Inc. plans to buy the 216-room hotel from Hyatt, which will continue to manage it. The brand and ownership changes should take place in summer 2013.

The Comfort Suites is located at 425 S. Seventh Street, near the Metrodome. It occupies the middle floors of the Centre Village building, which also includes a parking ramp and condominiums.

Terms of the deal were not disclosed.

The Hyatt Place Minneapolis Downtown will be the fourth Hyatt-branded hotel in the Minneapolis area.

Summit (NYSE: INN), a real estate investment trust (REIT) based in Sioux Falls, S.D., owns 81 select-service hotels in 21 states. It has two properties in Minnesota: a Hampton Inn & Suites and a SpringHill Suites, both located near the Mall of America in Bloomington.

Reported by:  Minneapolis St. Paul Business Journal