CRE W Minnesota

PCCP provides $30 million loan for acquisition of 321-key hotel near Minneapolis

Marriott-Minneapolis-Southwest

PCCP, LLC has provided a $30.3 million loan commitment to a venture led by Sage Hospitality for the acquisition and renovation of Marriott Minneapolis Southwest, a 321-key full-service hotel 12 miles southwest of downtown Minneapolis in Minnetonka, Minn.

PCCP, LLC has provided a $30.3 million loan commitment to a venture led by Sage Hospitality for the acquisition and renovation of Marriott Minneapolis Southwest, a 321-key full-service hotel 12 miles southwest of downtown Minneapolis in Minnetonka, Minn.

Built in 1988, Marriott Minneapolis Southwest is a 16-story hotel with more than 14,500 square feet of meeting facilities, more than 4,700 square feet of function space, a restaurant, lobby bar/lounge, fitness center and indoor pool.

The new owner has plans to invest nearly $10 million to enhance management and staffing of the hotel and complete a full renovation of the hotel rooms, function spaces, public restrooms, lobbies and elevator cabs.

Situated on just more than 10 acres at 5801 Opus Parkway, the hotel is located in the affluent Minneapolis submarket of Minnetonka and is a part of the 640-acre Opus 2 Business Park, the area’s largest employment center.