FOR IMMEDIATE RELEASE
Mortenson and Summit Hotel Properties (NYSE: INN) announce the sale and opening of the new
Hampton Inn & Suites in Minneapolis
Minneapolis (April 14, 2015) Mortenson Development, an affiliate of M. A. Mortenson Company, today announced it has sold the new 211-room Hampton Inn & Suites hotel located at First Avenue and Eighth Street in downtown Minneapolis to Summit Hotel Properties (NYSE: INN) for a total purchase price of $39.0 million. The hotel opened April 13 and is conveniently located near Target Field, Target Center and the entertainment district, and connected to the Citys downtown skyway system.
The hotel is the first Hampton Inn & Suites in the City of Minneapolis. It was designed by ESG Architects, Minneapolis, and is the newest design of a Hampton Inn & Suites by Hilton Worldwide.
The new Hampton Inn & Suites represents the first ground-up hotel to open downtown Minneapolis since 2009 and will contribute to the continued renaissance within the Citys urban core, said Nate Gundrum, development executive at Mortenson. We are excited to bring this property to the market and look forward to completing several other real estate development projects in the area.
The hotel will be managed by Interstate Hotels & Resorts, a leading global hotel management company based in Arlington, VA.
About Summit Hotel Properties
Summit Hotel Properties, Inc. is a publicly-traded real estate investment trust focused primarily on acquiring and owning premium-branded, select-service hotels in the upscale and upper midscale segments of the lodging industry. As of April 14, 2015, the Companys portfolio consisted of 91 hotels with a total of 11,679 guestrooms located in 21 states. For additional information, please visit the Companys website, www.shpreit.com.
Founded in 1954, Mortenson is a U.S.-based, family-owned construction and development services company. As one of the nation's top builders, Mortenson provides a complete range of construction services, including planning, program management, preconstruction, general contracting, construction management and design-build. The company also is a leader in real estate development, developing all asset types.
Mortenson has operations across North America with offices in Chicago, Denver, Iowa City, Madison, Milwaukee, Minneapolis, Phoenix, Portland, Oregon, San Antonio, Seattle and Toronto. For more information, visit mortenson.com.