Monarch Alternative Capital Expands Hotel Portfolio with Purchase of Westin Minneapolis
Posted: October 20, 2021 at 6:30 a.m. MDT|Update: 13 hours ago
NEW YORK and LONDON, 20 October 2021 / PRNewswire / – Monarch Alternative Capital LP, a leading investment firm with approximately $ 9 billion assets under management, today announced the purchase of the Westin Minneapolis in Minnesota in partnership with HEI Hotels & Resorts. Thanks to its existing real estate presence and its close relationships in the Minneapolis market, Monarch was able to acquire a leading hotel at a significant discount from historical transactions in an off-market purchase due to the disruption caused by the pandemic. The acquisition of Westin Minneapolis, Monarch’s twelfth hotel purchase in 2021, highlights the company’s continued ability to identify attractive properties that it believes are well positioned to benefit from the return of business travel and Recreation.
The Westin Minneapolis is a full-service, 214-key business hotel located in the heart of downtown Minneapolis. The hotel’s location, central to the Minneapolis Skyway System and its proximity to the city’s largest group facilities, including the Minneapolis The Convention Center, US Bank Stadium, Target Field, and Target Center make the property an attractive destination for business and leisure travelers in the city’s business district. To enhance the already high quality business, leisure and entertainment offerings, Monarch is committed to further improving the hotel through an upcoming property renovation. Additionally, Monarch believes the Westin brand, with strong customer loyalty in the business and leisure markets, will make the hotel one of the city’s most sought-after hotel properties.
In addition to the characteristics of the property, Monarch continues to be drawn to the dynamic attributes of the Minneapolis Marlet. With its young and highly qualified workforce, Minneapolis is already a sought-after place of business and is home to more Fortune 500 companies per capita than any other major metropolitan market in United States. The Westin Minneapolis is already starting to benefit from the return of business and leisure travel to the region.
Ian glastein, Managing Director and Co-Head of Real Estate at Monarch, said, “Our acquisition of the Westin Minneapolis is in line with our focus on high-quality properties in historically strong markets that have been disrupted by the COVID-19 pandemic . Our in-depth sourcing capabilities, along with our ability to deliver speed and certainty of execution, were key to this transaction. “
Monarch will operate the property in partnership with HEI Hotels & Resorts, a leading hotel investment and management company. HEI’s experience in managing hotels in Minneapolis and Westin properties across United States Further strengthens the Westin Minneapolis’ growth prospects.
About Monarch Capital Alternative LP
Monarch Alternative Capital LP is a global investment firm founded in 2002 with approximately $ 9 billion in assets under management. Monarch primarily focuses on opportunistic and distressed situations in the areas of corporate debt, real estate, special situations and other market segments. Monarch relies on the skills and experience of its employees in its offices new York and London. For more information, please visit www.monarchlp.com.
About HEI Hotels & Resorts
HEI Hotels & Resorts, headquartered in Norwalk, Connecticut., is a leading hotel investment and management company that owns or operates more than 80 independent and branded luxury, upscale and upscale hotels and resorts across United States. HEI’s brand partners include Marriott, Hilton, Hyatt, IHG and Accor. The company is renowned for its commitment to associates, revenue management, contribution to profits, and empirically-driven real estate value creation, through a full suite of proprietary software tools to set and exceed goals on a fully integrated base. HEI works hand in hand with institutional capital partners on existing assets under management as well as sponsored acquisition opportunities. The company has significant equity capital and strategically co-invests with its partners in numerous transactions. To learn more about HEI, please visit www.heihotels.com
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