Chartres Lodging Group today announces the acquisition of and upcoming conversion of the Radisson Plaza Hotel Minneapolistoa Radisson Blu property, part of the Radisson hotel group’s upper-upscale brand portfolio. With renovations to begin this year, the property is set to be completed and rebranded in 2014.
A top Minneapolis hotel in an A+ downtown location, the Radisson Plaza currently boasts 360 guest rooms, occupying 17 floors of the 36-story Plaza Seven building. The hotel includes a popular restaurant and bar, as well as 22,000 square feet of meeting space, access to underground parking, and a direct link to the city’s climate-controlled skyway system. Currently flagged as a Radisson with the latest renovations taking place in 2003, Chartres Lodging will renovate and rebrand the hotel as a lifestyle-oriented, upper-upscale flag: Radisson Blu.
The update project will include, but not be limited to, complete renovations of hotel guestrooms and bathrooms; a full renovation and expansion of the property’s meeting space; a re-imagined lobby and guest welcome-way; refreshed on-site dining options including FireLake Grill House restaurant; and a rejuvenation of public spaces, corridors, and the atrium.
“We actively search for opportunities to acquire hotels that are well located in rising urban and resort markets, and that present us with the opportunity to reposition the asset through renovation and strong asset management. The Radisson Plaza is very well-located in downtown Minneapolis and is part of a high-quality, mixed use complex. Acquiring this hotel from Carlson gives us the opportunity to build on the momentum of Carlson’s aggressive expansion of their upper-upscale Blu brand,” stated Maki Nakamura Bara, President & Co-Founder of Chartres Lodging Group.
Leading the investment transaction, Kirk Pederson, COO & CIO of Chartres Lodging Group, further explains, “We will collaborate with Carlson as they continue to manage the hotel and we execute on a complete renovation program. We will be increasing the meeting space and undertaking a full rooms renovation inclusive of the bathrooms, corridors, and executive lounge. The hotel’s FireLake Grill House, a local favorite, will also be refurbished. The lobby and entry will receive a dramatic new look consistent with the Blu standards. This is going to be another exciting repositioning of a high quality hotel by Chartres Lodging, similar to other projects we have recently undertaken including the Ocean Resort (now the Hyatt Place Waikiki Beach), the Novotel New York Times Square and the Baltimore Tremont Plaza (soon to rebranded to Embassy Suites).”
Robert Kline, CEO & Co-Founder of Chartres Lodging Group, also adds, “Minneapolis has been enjoying a strong recovery. It has a highly educated workforce, contributing to its ranking as having the 2nd lowest unemployment rate in the country. The city has also been enjoying positive office absorption for the last five years. The lodging market has, consequently, been experiencing a healthy rebound. The rebrand of this institutional, quality hotel is entirely consistent with our real estate investment strategy.”