Agreement Reached For Sale of the Hotel with Carlson Rezidor Retaining Long-Term Management Contract
Minneapolis (March 2013) – Carlson Rezidor Hotel Group, one of the world's largest and most dynamic hotel groups, proudly announces the renovation to convert the Radisson Plaza Hotel Minneapolis to its upper-upscale brand, Radisson Blu. The renovation will begin this year with completion in 2014.
"The rebranding of the hotel marks the fifth Radisson Blu property in the Americas as part of our Ambition 2015 growth strategy," said Bob Kleinschmidt, chief development officer. "The brand has gained significant momentum in the U.S. and we are thrilled to see the continued expansion, especially in the asset where Radisson was born in 1960."
Ambition 2015 is fueled by an investment program focused on positioning Radisson in North America as a powerful, globally consistent, first-class brand. Recognized around the world for its leading-edge design, Radisson Blu delivers upper upscale hospitality. More than 230 Radisson Blu hotels exist worldwide and another 51 projects are currently under development.
Preliminary plans entail major upgrades to the common areas and 360 guest rooms and suites, increased conference space, and updates to the existing onsite restaurant, FireLake Grill House and Cocktail Bar. The Radisson Plaza Hotel occupies 17 floors of the 36-story Plaza Seven building located on 7th Street between Nicollet Avenue and Hennepin Avenue.
Carlson Real Estate also solidified an arrangement with Chartres Lodging Group, LLC (Chartres) to acquire the Radisson Plaza Hotel in Minneapolis Hotel RB, LLC. Minneapolis Hotel RB, LCC will enter into a long-term management contract with Carlson Rezidor for the downtown hotel. The transaction closed on April 16th.
"We are very excited to partner with Carlson Rezidor during this exciting time in the company's history," said Kirk Pederson, Chartres' chief investment officer and chief operating officer. "We are confident this conversion to Radisson Blu will be the perfect match for downtown Minneapolis."
The hotel recently underwent a legal separation from the office tower and parking garage components of the property, which were acquired by City Center Realty in February.
"The legal separation of the office and hotel parcels allowed us to accomplish the ideal hotel arrangement," stated Matt Van Slooten, president of Carlson Real Estate Company. "We are very pleased with the outcome."
With 272 hotels in operation and 86 under development throughout the world, Radisson Blu is an upper upscale hotel brand with flagship properties in prime locations and in major cities, airport gateways and leisure destinations. Radisson Blu pushes accepted boundaries to create iconic buildings with individual interiors invoking an inviting, exciting ambience and offering a holistic experience that is totally relevant to now. Its vibrant, contemporary and engaging hospitality is characterized by a unique Yes I Can!SM service philosophy, and all of its first class hotels offer a range of World of Radisson features that are empathetic to the challenges of modern travel, including the 100% Guest Satisfaction Guarantee.