PCCP PROVIDES $30.3M ACQUISITION LOAN FOR MARRIOTT MINNEAPOLIS SOUTHWEST

MINNETONKA, MINN. — PCCP LLC has provided a $30.3 million loan to Sage Hospitality for the acquisition and renovation of Marriott Minneapolis Southwest, a 321-room hotel in Minnetonka, approximately 12 miles southwest of Minneapolis. The hotel, located at 5801 Opus Parkway, is situated on more than 10 acres. 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 plans to invest nearly $10 million to enhance management and staffing of the hotel and implement a full renovation of the hotel rooms, function spaces, public restrooms, lobbies and elevator cabs.