MINNEAPOLIS—The Westin Minneapolis has been sold to Carey Watermark Investors for $66.4 million, or $310,000 per key. The seller, HEI Hotels & Resorts, was represented by Jones Lang LaSalle’s Hotels & Hospitality in the transaction.
The 214-room hotel was completely redeveloped from the historic Farmers and Mechanics Bank Building in 2007. Managing director Adam McGaughy and SVP John Nugent led the JLL team on the transaction.
“The Westin Minneapolis benefits from the exceptional condition and premier positioning in the Minneapolis CBD,” said McGaughty. “Minneapolis remains a highly sought-after lodging market for REITs and major institutional real estate investors. Our marketing process generated strong competition for the asset.”