Overview
HREC Investment Advisors (“HREC IA”) is pleased to offer, to qualified investors, the opportunity to acquire the fee-simple interest in the 243-room Crowne Plaza Minneapolis West (“Hotel” or “Property”), situated at 3131 Campus Dr, Plymouth, MN 55441. The Crowne Plaza Minneapolis West presents a compelling opportunity for acquisition, positioned strategically near a range of diverse demand generators. These include a major hospital, multiple corporate campuses, a new mixed-use development, Medicine Lake, several golf courses, and more.
The Property’s top line offers room for growth, with it being ranked 5 out of 5 for RevPAR in relation to its competitive set for the YE 2023 period, according to STR. The affiliation with the 100 million IHG Rewards members provides additional benefits in expanding demand channels for bookings. An investor can also capitalize on opportunities to revamp operations and implement cost control initiatives.
Plymouth, located just 12 miles west of downtown Minneapolis, is home to a thriving suburban landscape with a diverse economic base. The economy of the city, as well as the surrounding area, is anchored by a growing technology and software industry including major companies such as Cargill, Honeywell, and Northrup Grumman. Additionally, the surrounding area is home to the headquarters of General Mills, alongside several companies in the medical field. Plymouth will soon be home to a major ~$350M mixed-used development, which will drive further growth in the area. Enhanced by excellent accessibility via major highways like Interstate 494 and State Highway 55, as well as the Metro Transit bus system, Plymouth presents an attractive location for investors due to its diverse economy.
Investment Highlights
• Significant Upside Opportunity with On-Site Ownership: Current ownership is absent from the everyday operations of the Hotel. An improved, hands-on revenue management strategy can be implemented to drive revenue growth by increasing rate, while containing expenses, increasing cash flow to the bottom line.
• Excellent Location Near Diverse Demand Generators: The Hotel is within walking distance of the 686-bed Abbott Northwestern Hospital. Additionally, Cargill, Honeywell, Medica, Northrop Grumman, and Aetna Life Insurance offer major office facilities within three miles of the Hotel. General Mills’ headquarters are also a short distance away.
• 38,000 SF of Event Space: The Crowne Plaza offers more than 35 meeting rooms, totaling over 38,000 square feet of meeting space. This includes the 3,775 sq. ft. Scandinavian Ballroom, which can be used for banquets or vendor fairs.
• Excess Land for Development: The subject site also includes excess land, which would be available for potential development.
• Redevelopment of Prudential Campus: Local officials recently approved the redevelopment of the former Prudential campus in Plymouth, which contains 80 acres of land. The ~$350M redevelopment will include apartments, retail, a city park, and office space.
• Unencumbered by Management: The Hotel is being offered unencumbered by a management group, allowing for a new Owner to bring in a new management company or to act as an owner/operator of the Property.
• Fee-Simple Interest
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