Minneapolis, MN
Hempel buying another well-known downtown Minneapolis building, Loews Hotel
A joint venture of three investors plans to buy the Loews Minneapolis Hotel in downtown, one of which is Eden Prairie-based Hempel Real Estate that has recently bought several prominent buildings in the area.
Milwaukee-based Marcus Hotels & Resorts and Oklahoma City-based Robinson Park Investments are the other investors. The sale should close in early March, though no parties have disclosed terms of the deal.
The hotel, across North First Avenue from the Target Center arena between North Sixth and North Seventh streets, is Hempel’s third major purchase in the past year. This past summer, it bought the LaSalle Plaza office building for $46 million, a steep discount. And in the fall, it bought the older, smaller Pence Building, which connects to LaSalle Plaza by skyway. Both of those building are about two blocks away from the Loews Hotel.
“The agreement to purchase the Loews Minneapolis Hotel is consistent with our strategy to co-invest with like-minded partners and manage leading properties across the nation,” said Michael Evans, president of Marcus Hotels & Resorts, in a statement.
A Hempel representative could not be reached for comment.
Hempel has built a diversified property portfolio with office, retail, medical office, apartments and land for future development. Its holdings are largely in the Twin Cities, but Hempel also owns several properties in Milwaukee. Its only other hotel is a Best Western Plus near the Mall of America.
The hotel market is challenging. New York-based Loews Hotels & Resorts paid $65 million in 2014 to acquire the then-named Graves 601 Hotel from the local Graves Hospitality Corp., and property records suggest that the new sale price will be significantly less. Hennepin County currently has the property assessed at $24.2 million.
“Hotels depending on corporate business are still trying to recover,” said Ted Leines, CEO of Eden Prairie-based Leines Hotel Advisors, a hotel brokerage firm. “Corporate clients are generally their top-paying clients.”
Leines said business remaining soft is hurting hotel valuations.
The Loews hotel was part of a redevelopment of the long-troubled Block E, which sat vacant throughout the 1990s as a surface parking lot. A retail-entertainment concept, owned separately from the hotel, dominated the project but struggled to draw customers. It is now known as Mayo Clinic Square.
Extreme Heat Warning
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One person is dead and eight others are hurt in a string of weekend shootings across Minneapolis.
Police say the first shooting occurred Friday around 5 p.m. near North Humboldt and 26th avenues. A man was outside of his home when shots rang out, leaving him with multiple gunshot wounds.
Around 9:35 p.m. Friday, two men were shot outside in the area of north Lowry and Logan avenues.
Just after 12:30 a.m. Saturday, a man was found shot in an alley near Mortimer’s Bar and Restaurant off South Lyndale and Franklin avenues. He told police he was outside walking when he was hit.
Just before 12:50 a.m. Saturday, police say a man outside was shot near North Penn Avenue, just north of Highway 55, by someone driving by.
Around 1:50 a.m. Saturday, a man suffering from gunshot wounds showed up at Hennepin Healthcare, with police later determining he was shot in the area of North Lyndale and 45th avenues.
Just after 3:30 a.m. Saturday, a man showed up to Children’s Minneapolis hospital with a gunshot wound he said occurred when he was asleep inside his vehicle.
On Sunday around 1 a.m., a man was found laying on the ground near Bloomington Avenue and East 24th Street. He was brought to Hennepin Healthcare where he later died. Police say investigators “located evidence of gunfire, including a firearm recovered next to the man who died.”
On Sunday just before 1:30 a.m., a 15-year-old girl was shot in the area of Hennepin and Laurel avenues in downtown. Two boys, ages 14 and 15, were soon arrested in connection to the shooting.
And just before 1:50 a.m. Sunday, a man was found shot inside a business off Northeast Lowry Avenue and Fourth Street Northeast. Investigators believe the shooting began as an altercation in the business’s parking lot.
With the exception of the shooting of the 15-year-old girl, police say no arrests have been made in any of the cases. All surviving victims have injuries described by police as non-life threatening.
Anyone with information on any of these shootings can submit an anonymous tip online to Crime Stoppers, or call 1-800-222-TIPS (8477).
A shooting in north Minneapolis injured a man near Penn Avenue.
According to the Minneapolis Police Department, officers responded to a shooting near the 700th block of Penn Avenue North, where they found a man with a gunshot wound.
Authorities said preliminary information shows that the man was outside when the shooting happened, possibly coming from a vehicle. A nearby hospital treated the man for non-life-threatening injuries.
Police are still investigating, with a forensic team collecting evidence from the scene. Officers said no arrests have been made.
This is a developing story; check back for updates.
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