Charters Buys Radisson Plaza for $28M from Carlson

Charters Buys Radisson Plaza for $28M from Carlson

MINNEAPOLIS—Chartres Lodging Group has purchased the Radisson Plaza Hotel Minneapolis, and plans to convert the property to a Radisson Blu, according to the company.

The San Francisco-based buyer acquired the 360-room property from Carlson Real Estate Co. for a reported $28 million. The hotel occupies 17 floors of the 37-story Plaza Seven building. The hotel includes a restaurant and bar, as well as 22,000  sq. ft. of meeting space, access to underground parking and a direct link to the city's climate-controlled skyway system.

The last renovations at the property took place in 2003. With renovations to begin this year, the property is set to be completed and rebranded in 2014. The update project will include, but not be limited to, complete renovations of hotel guestrooms and bathrooms, a full renovation and expansion of the property's meeting space, a re-imagined lobby, refreshed on-site dining options including a FireLake Grill House restaurant and a rejuvenation of public spaces, corridors and the atrium.

Chartres officials said in a statement that the city has been enjoying a strong recovery. "We actively search for opportunities to acquire hotels that are well located in rising urban and resort markets, and that present us with the opportunity to reposition the asset through renovation and strong asset management,” said Maki Nakamura Bara, president and co-founder. “The Radisson Plaza is very well-located in downtown Minneapolis and is part of a high-quality, mixed use complex. Acquiring this hotel from Carlson gives us the opportunity to build on the momentum of Carlson's aggressive expansion of their upper-upscale Blu brand.”

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