Posted on by in Top Stories

MINNEAPOLIS — DiamondRock Hospitality Co. has entered into an agreement to purchase the Hilton Minneapolis for a total of $155.5 million. The total consideration includes a purchase price of $152 million and approximately $3.5 million that will be provided by DiamondRock to help the seller defease the property's existing mortgage debt, since DiamondRock will not be assuming the loan.

The Hilton Minneapolis holds the dual distinctions of being the largest hotel in the state at 821 rooms and having the largest ballroom in the state, which is part of its 77,000 square feet of meeting space. The hotel was renovated by the seller in 2007; upgrades were made to guestrooms, common areas and meeting spaces. The hotel is situated at 1001 Marquette Ave. South, near the the Minneapolis Convention Center and other downtown attractions.

DiamondRock expects the acquisition to close in the third quarter. It has committed to make a $15.2 million deposit that will become non-refundable on June 17 unless the company terminates the agreement prior to that date.

– Coleman Wood

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