Monarch Alternative Capital, an investment firm with around $9bn of assets under management, has acquired Westin Minneapolis hotel in the US state of Minnesota.
Monarch purchased the property in partnership with hospitality investment and management firm HEI Hotels & Resorts.
Westin Minneapolis is a full-service business-oriented hotel located at the centre of the Minneapolis Skyway System.
The 214-room property is ideal for business and leisure travellers due to its proximity to Minneapolis Convention Centre, US Bank Stadium, Target Field, and Target Centre.
The financial terms of the deal were not disclosed. However, in a statement, Monarch said that it bought Westin Minneapolis at a significant discount to historical transactions in an off-market purchase.
Monarch Real Estate co-head and managing principal Ian Glastein said: “Our acquisition of the Westin Minneapolis is consistent with our focus on high quality properties in historically strong markets that have been dislocated by the Covid-19 pandemic.
“Our deep sourcing capabilities, together with our ability to provide speed and certainty of execution, were key to this transaction.”
This was the company’s twelfth hotel acquisition in 2021.
It will operate the property in partnership with HEI, a company with management experience in Minneapolis.
In June this year, Monarch purchased ten full-service hospitality real estate assets located in four US states for a total consideration of $360m from Eagle Hospitality Real Estate Investment Trust.
The portfolio included ten full-service hotels and resorts located in California, Colorado, Connecticut, and Florida.