The Sheraton Minneapolis Midtown Hotel has been sold for nearly $10 million and will undergo a series of renovations.
The 136-room hotel, located off Chicago Avenue near Lake Street close to the Midtown Global Market in south Minneapolis, was sold by Midtown Exchange Hotel, LLC, an entity associated with Minneapolis-based developer Ryan Cos., according to an electronic certificate of real estate value made public this week.
The Sheraton was purchased by Al Qamra (MN), Inc., which is part of a larger holding group with headquarters in Qatar.
The Eden Prairie-based Leines Hotel Advisors represented Midtown Exchange in the sale.
Kinseth Hospitality Companies will continue to manage the hotel. The hotel will remain a Sheraton. The hotel, which was built in 2005, will undergo about $3 million in improvements, which will included a refresh of the guestrooms, new furnishings and carpets, and upgrades to public areas such as the lobby and restaurant, said Ted Leines, founder and chief executive of Leines Hotel Advisors.
