Properties for Sale
Sheraton Minneapolis Midtown Hotel | Minneapolis, Minnesota
Location 2901 Chicago Ave S., Minneapolis, MN, 55407
Price Per Key $112,500
Revenue $5.2 Million for 2013
Leines Hotel Advisors, Inc. presents a top brand hotel connected to the largest hospital in the state, the headquarters of a major health industry employer, and the second largest leasable space in the state. Add in close proximity to downtown Minneapolis and the University of Minnesota and you have the Sheraton Minneapolis Midtown Hotel. Leines Hotel Advisors, Inc. presents this investment opportunity for sale on an exclusive basis.
The Sheraton Midtown features 136 well-appointed rooms, restaurant (Great Room), lounge, Sheraton Club Lounge, pool, whirlpool, Sheraton Fitness by Core Performance, patio and more. It is connected via skyway to Abbott Northwestern Hospital (largest hospital in the state), Allina Health Clinics (corporate headquarters), the Midtown Exchange (second largest leasable space in the state) and the Midtown Global Market offering an array of food, music and art. The Wells Fargo Home Mortgage campus is close-by.
The direct skyway connection to Abbott Northwestern Hospitals gives the Sheraton Midtown a unique advantage in attracting hospital related traffic. Abbott Northwestern Hospitals’ website features the Sheraton Minneapolis Midtown Hotel as their only recommended lodging facility. The skyway connection into the Midtown Exchange, and Allina Health’s corporate headquarters, provide the basis for a steady flow of corporate travelers. The restaurant patio provides stairway access down to the Midtown Greenway providing opportunities to bike, run, jog or roller blade and is a popular amenity with hotel guests.
Property Improvement Plan:
The property is due for a Property Improvement Plan refresh. The current owner has estimated the total cost to implement their desired PIP at $2.1 million. New buyers will need to determine the extent of PIP improvements required by Sheraton within their due diligence process.
- $5.2m Revenue for 2013
- 65.8% Occupancy - YE 2013
- $131.18 ADR - YE 2013
- 9,590 Hospital Room Nights for 2013
- 5 Meeting Rooms (2,375 sq ft)
- Sheraton Club Lounge
- Great Room Restaurant
- 3,780,000 Population in MSA
- Skyway Link to Minnesota’s Largest Hospital
To request more investment details for this listing, please fill out our "Confidentiality Agreement" by clicking on the button below:
For more information contact Leines Hotel Advisors, Inc.
Ted Leines • 952-405-9370 • Email Ted Leines