A new company buys the Marquette hotel
Triton Hospitality Group said on Tuesday it had purchased the Marquette Hotel in downtown Minneapolis for an undisclosed amount.
Triton is a newly formed boutique investment firm based in Southern California that focuses on underperforming assets. He announced plans to invest in real estate and guest-related improvements for the 281-room hotel, located at 710 S. Marquette Ave., according to a press release.
A duo of hospitality and investment veterans launched Triton this year. John Murphy, founder and former chairman of Evolution Hospitality, and David Parsky, founder and former chief executive of Arris Investment, founded the company and are both partners, the statement said.
“La Marquette illustrates what Triton is currently aiming for in our acquisition strategy,” Parsky said in the release. “The ability to take a contrarian perspective on a struggling market that was fundamentally strong before COVID, an ‘A’ location that is expected to be the first to recover in the market, an opportunity to reset the base with a substantial discount compared to the replacement cost and before the cycle trades and a certain level of physical and financial complexity.
Austin, Texas-based JMI Realty last bought the property for $ 74.5 million in 2016, according to an electronic certificate of real estate value. This is over $ 265,000 per room.
Neither the eCRV database nor the Hennepin County Public Property Portal had information on the Triton acquisition at the time of publication.
The hotel is located just down South Seventh Street from the Nicollet Shopping Center and is housed in the 57 story IDS Center. The 12-story hotel was built in 1970 and underwent renovations valued at $ 25 million in 2017, which included work on rooms, lobby, meeting spaces, public areas and spaces. food and drink. At the time, it was also renamed as part of Hilton’s Curio Collection, Finance & Commerce reported.
The hotel has 25,800 square feet of event space in 19 guest rooms. This includes the premium Windows on Minnesota event space, located on the 50th floor of the IDS center. It also has some of the largest rooms in Minneapolis Market, and its dining options include the Jolliet House Social Club and the Marquette Lounge, the statement said.
Triton has appointed Evolution Hospitality as director, what he calls his first step in maximizing “the full potential of the four diamond hotel”.
“We are delighted to be working closely with our friends at Evolution Hospitality in repositioning the Marquette and are delighted that our first acquisition is in the great city of Minneapolis, a city we know well,” said Murphy in the communicated.
Triton will invest in projects related to the hotel’s food and beverage outlets, the in-room HVAC system and Windows on Minnesota. It also plans to add two Topgolf Swing Suites and transform the fitness center, according to the release.
“Triton will use his vast experience and operations acumen to take advantage of any revenue opportunity through an aggressive sales, marketing, e-commerce, revenue management and brand alignment effort. As we bring new and loyal guests to the hotel, our highly skilled team will focus on engaged service and brand-leading customer satisfaction, ”Murphy also commented in the release.
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