Loews Hotels & Resorts has agreed to buy the 255-room Graves 601 Hotel Wyndham Grand in Minneapolis from Graves Hospitality (GHC).

Graves 601 is located at the centre of the business, theatre and entertainment districts in downtown Minneapolis.

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The hotel features two restaurants and bars, more than 9,000ft² of meeting and event space, a recently renovated spa and a fitness centre.

The acquisition is part of Loews’ long-term strategy to increase its portfolio. The group is actively seeking additions in gateway cities and resort destinations and expects to announce additional properties in the coming months.

"The hotel has a quality product and strong reputation in the market, which makes this a welcome addition to the Loews family."

Graves Hospitality offers development and management services for independent and branded hotels, resorts and restaurants as well as residential and commercial projects.

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GHC has developed and managed more than 100 hotels and restaurants, and residential and commercial developments.

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Loews Hotels & Resorts president and CEO Paul Whetsell said that Minneapolis is a key market for the brand as it expands.

"Not only is Graves 601 in a prime location, the hotel has a quality product and strong reputation in the market, which makes this a welcome addition to the Loews family," Whetsell added.