PROVIDENCE, R.I., Oct. 8 /PRNewswire/ -- Hotel Asset Value Enhancement (hotelAVE) has partnered with an institutional investment fund to acquire the Northland Inn, an all-suite hotel and conference center located in the Minneapolis suburb of Brooklyn Park, Minn. The dollar figure for the transaction was not disclosed but the partnership is committed to substantial reinvestment in the property with a goal of reclaiming the hotel's prominence in the marketplace.
Rhode Island-based Hotel Asset Value Enhancement Inc. is one of the nation's largest hotel real estate advisory firms. The institutional investment fund is managed by Fidelity Real Estate Group, a division of Pyramis Global Advisors, a Fidelity Investments Company. StepStone Hospitality, hotelAVE's sister company, will take over management of the property, effective immediately.
The hotel went into foreclosure in 2009. The new owners say their first priority is to provide stable ownership and management to reclaim the property's position in the marketplace.
"The Northland Inn is a fabulous property and a great addition as we grow our portfolio," said Thomas Russo, chief executive officer, StepStone Hospitality. "We are excited about the potential we see in the Twin Cities market. Our first priority is to restore the confidence of our employees, clients, and business partners to ensure this hotel has a long, bright future for all invested parties."
The company plans to retain all of the hotel's current staff of 135 employees.
The 231-room hotel is one of the largest meetings hotels in Minnesota, the only all-suite meetings hotel capable of handling meetings for up to 850 guests, and features some of the most spacious guestrooms in the Upper Midwest.
"Hotel guests and conference participants can rest assured that they will receive the best possible service and accommodations at the Northland Inn," explained Blair Wills, president, StepStone Hospitality. "The new ownership and management are dedicated to making the Northland Inn one of the most sought after conference and meeting facilities in the state."
With the acquisition of The Northland Inn, StepStone Hospitality now manages nine hotels in six states. The company currently manages hotels under the following brands: Doubletree Guest Suites, Crowne Plaza and Four Points by Sheraton. It has not yet been announced whether the 20-year-old Northland Inn will continue to operate as an independent hotel or be re-branded.
SOURCE Hotel Asset Value Enhancement Inc.; StepStone Hospitality