Pebblebrook Hotel Trust has acquired the Grand Hotel in Minneapolis, US, for $33m.
The landmark hotel was sold for $3m less than what was originally discussed.
Pebblebrook said it will invest about $4.5m in refurbishing guestrooms, the lobby and other areas over the next two years.
The hotel will continue to be managed by Kimpton Hotels & Restaurants, according to the Star Tribune.
Pebblebrook Hotel Trust is a US-based real estate investment trust, while Kimpton Hotels & Restaurants is a collection of boutique hotels.