7815 Nicollet AveMinneapolis, MN 55420
La Quinta Inn Minneapolis Airport Bloomington
Asset ClassHotel & Hospitality
Overview
HREC Investment Advisors has been retained as the exclusive advisor and is pleased to present the opportunity to acquire the fee simple and leasehold (parking lot only) interest in the 187-key La Quinta Inn Minneapolis Airport Bloomington (sometimes referred to as “Hotel” or “Property”) located in Bloomington, MN.
Investment Highlights
- Premier Location Near MSP Airport: Just five miles from the La Quinta Inn, the Minneapolis – Saint Paul International Airport, ranked 1st Best Mega Airport in J.D. Power’s 2024 survey, drives $15.9 billion into the Twin Cities economy. The airport is a major hub for Delta and Sun Country. Currently, the Hotel offers an airport shuttle, a useful amenity given its proximity. Additionally, MSP is undergoing a $242 million renovation.
- Less than Two Miles from the Largest Mall in the US: The Mall of America, located approximately than two miles from the Hotel, is the largest enclosed shopping center in the United States. Officials estimate that Mall of America attracts 40 million visitors yearly and contributes $2 billion to Minnesota's economy. The Mall also has plans to add a $250 million, 143,000 SF waterpark.
- Ideal Location in Minneapolis’ Strongest Submarket: Bloomington is the strongest hospitality submarket in the Minneapolis metropolitan area (64.6% occupancy as of the November 2024 TTM period for the submarket, according to CoStar). Due to limited brand availability and increased construction costs, the submarket has become the highest barrier-to-entry submarket in the Minneapolis metropolitan area.
- Attractive Basis - Well Below Replacement Cost: The national average cost of building a hotel has increased significantly in the past few years. This Asset provides an investor with the opportunity to acquire a high-quality Property, unencumbered of debt, at pricing well below current construction costs (even after the completion of PIP).
- Upside from Replacing Existing Management: The La Quinta Inn & Suites Airport Minneapolis Bloomington presents an excellent opportunity for an investor to purchase the Hotel unencumbered by a management agreement. Investors have the chance to bring in a new management company or self-operate and revamp the operational strategy of the Hotel.
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7815 Nicollet AveMinneapolis, MN 55420
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Listing provided by Revere CRE