Six Twin Cities hotels sold for $56 million
A New York investment firm has sold a six-hotel portfolio in the Twin Cities just 18 months after buying the properties, turning a $3.5 million profit in the deal.
Finance & Commerce reports on the $56 million sale of the hotels, all SpringHill Suites and TownePlace Suites hotels in the metro suburbs, by Garrison Investment Group. The buyer was Greenwich, Conn.-based Arch Street Capital Advisors.
Garrison hadn't held the hotels long; it had bought them from developer CSM Corp. in September 2014 for $52.6 million.
The deal includes the 126-room SpringHill Suites and 106-room TownePlace Suites in St. Louis Park, the 119-room SpringHill Suites and 103-room TownePlace Suites in Eden Prairie, and the 105-room SpringHill Suites and 94-room TownePlace Suites in Eagan.
Reported by: Bizjournals.com
Finance & Commerce reports on the $56 million sale of the hotels, all SpringHill Suites and TownePlace Suites hotels in the metro suburbs, by Garrison Investment Group. The buyer was Greenwich, Conn.-based Arch Street Capital Advisors.
Garrison hadn't held the hotels long; it had bought them from developer CSM Corp. in September 2014 for $52.6 million.
The deal includes the 126-room SpringHill Suites and 106-room TownePlace Suites in St. Louis Park, the 119-room SpringHill Suites and 103-room TownePlace Suites in Eden Prairie, and the 105-room SpringHill Suites and 94-room TownePlace Suites in Eagan.
Reported by: Bizjournals.com
