Hilton sells 821-room Minneapolis hotel

Hilton Hotels Corporation has sold the 821-room Hilton Minneapolis to 1001 Marquette, L.L.C., a Delaware limited liability, for approximately $92 million. It is estimated that the new ownership will spend $15 million in additional capital over the next three years to upgrade the property.

The hotel will continue to be managed by Hilton Hotels Corporation and operate as a Hilton branded property under the terms of a long term management agreement.

“We are pleased to be able to sell this hotel to 1001 Marquette while retaining it in the Hilton Family under a management agreement,” said Dave Sherf, senior vice president - Real Estate/Asset Management, Hilton Hotels Corporation.