Marcus unit, Hempel and Robinson Park form JV to acquire Loews Minneapolis Hotel

Marcus Hotels & Resorts, a division of The Marcus Corporation announced that it that it along with Hempel Real Estate and Robinson Park Investments have reached an agreement to jointly acquire the Loews Minneapolis Hotel. The terms of the agreement were not disclosed and are subject to the satisfaction of certain standard closing conditions. Upon closing, Marcus Hotels & Resorts will assume management of the hotel, which will be rebranded under another major global hotel system. “The agreement to purchase the Loews Minneapolis Hotel is consistent with our strategy to co-invest with like-minded partners and manage leading properties across the nation,” said Michael Evans, president of Marcus Hotels & Resorts. “This is an exciting opportunity to create value by investing in an attractive asset with a focused management strategy, while adding another premier destination to our portfolio of branded and independent lifestyle hotels.” The acquisition is expected to close at the beginning of March 2024.