Minneapolis' beautiful Grand Hotel
has new owners. The historic hotel sold for $33 million to the Pebblebrook Hotel Trust. The Minneapolis Star-Tribune reports
that the hotel went back to the lender earlier this year. Pebblebrook Hotel Trust plans to invest about $4.5 million in the 140-room hotel and it will be managed by Kimpton Hotels and Restaurants. The hotel has 19 suites and a 3,500-square-foot Presidential Suite. Rates start around $180 per night.
The hotel was was owned by Jeff Wirth, president of the Wirth Cos. who bought it in the late 1990s and spent around $50 million turning it into a luxury hotel. Wirth put the Grand Hotel on the market late last year and Pebblebrook agreed to buy it for $36 million but nearly backed out of the deal, finally settling for $33 million. The hotel remains open during the transition.