Carey Watermark Investors (CWI) has purchased a 214-room Westin Minneapolis hotel in the US for around $66.4m.
Located in downtown Minneapolis, the property was originally built as the Farmers & Mechanics Bank building in 1942 where the adjoining office building was reconfigured to house the hotel’s guestrooms and meeting space, as part of the redevelopment in 2007.
Carey Watermark Investors (CWI) CEO Michael Medzigian said: "CWI’s investment in the Westin Minneapolis represented the opportunity to acquire an irreplaceable landmark and leading full-service hotel in a strong market.
"Our ability to acquire a consistently yielding, quality property with unique inherent long-term value that requires minimal near term capital investment made it a particularly attractive acquisition for Carey Watermark Investors."
Westin Minneapolis hotel features 9,300ft² of interior meeting space, full service restaurant and bar, indoor heated swimming pool, fitness studio and business centre, as well as 4,700 skyway retail spaces.
The property is near to the Minneapolis Convention Centre, Target Field and Target Centre, in addition to major businesses such as Wells Fargo, US Bancorp, PwC, Ernst & Young and Accenture.
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HEI Hotels & Resorts will continue to manage the hotel, which currently manages the Sheraton Austin at the Capitol and the Boca Raton Marriott at Boca Centre for CWI.
HEI is a hospitality operator, which owns and manages 4,141 full-service, upper-upscale, luxury and premium select-service hotels and resorts in the US.
Westin operates around 204 properties and 77,535 rooms worldwide.
Image: Westin Minneapolis hotel. Photo: courtesy of Carey Watermark Investors Incorporated.