Hospitality W Minnesota

Pebblebrook closes sale of Grand Hotel Minneapolis

Pebblebrook closes sale of Grand Hotel Minneapolis,ph01

Pebblebrook Hotel Trust recently closed on the sale of the 140-room Grand Hotel Minneapolis in Minneapolis for $30 million.

The sale price of $30 million includes the 140-room hotel and the 57,000-square-foot fitness center, which is fully leased to a third-party tenant until June 2019.

Proceeds from the sale of the Grand Hotel Minneapolis will be utilized for general business purposes that may include reducing the company’s outstanding debt.