Fargo hotel operator with a dozen Minnesota hotels is sold
TMI Hospitality Inc., which is based in Fargo, N.D., but is an active player in the Minnesota hospitality market, has been sold to an investment fund managed by Starwood Capital Group.
Terms of the deal haven't been disclosed, but industry trade publication Real Estate Alert, based in New Jersey, reported in late May the deal was worth $1 billion.
Then, TMI CEO Lauris Molbert said reports of a sale were "completely false" and that there was “no deal with Starwood Capital or anyone else, according to a report by Prairie Business Magazine. " TMI and Starwood announced the sale Thursday.
The deal wasn't done at the time, a company spokesman told Fargo-based Prairie Business in a story following yesterday's acquisition.
Employee-owned TMI manages more than 180 select-service hotels around the country. Its 12 Minnesota properties include the Cambria Suites in Maple Grove that it purchased in 2012.
In May, TMI announced it bought land for two new hotels within the redevelopment project on the site of the former State Farm Campus in Woodbury known as City Place.
Greenwich, Conn.-based Starwood, which is not affiliated with Starwood Hotels & Resorts, is buying TMI through an investment fund. The fund, called Starwood Opportunity Fund X Global, filed plans with the SEC on Monday to raise $4 billion in equity, although it isn't clear if or how that fundraising is related to the TMI acquisition.
Reported by: http://www.bizjournals.com/twincities
Terms of the deal haven't been disclosed, but industry trade publication Real Estate Alert, based in New Jersey, reported in late May the deal was worth $1 billion.
Then, TMI CEO Lauris Molbert said reports of a sale were "completely false" and that there was “no deal with Starwood Capital or anyone else, according to a report by Prairie Business Magazine. " TMI and Starwood announced the sale Thursday.
The deal wasn't done at the time, a company spokesman told Fargo-based Prairie Business in a story following yesterday's acquisition.
Employee-owned TMI manages more than 180 select-service hotels around the country. Its 12 Minnesota properties include the Cambria Suites in Maple Grove that it purchased in 2012.
In May, TMI announced it bought land for two new hotels within the redevelopment project on the site of the former State Farm Campus in Woodbury known as City Place.
Greenwich, Conn.-based Starwood, which is not affiliated with Starwood Hotels & Resorts, is buying TMI through an investment fund. The fund, called Starwood Opportunity Fund X Global, filed plans with the SEC on Monday to raise $4 billion in equity, although it isn't clear if or how that fundraising is related to the TMI acquisition.
Reported by: http://www.bizjournals.com/twincities
