MINNEAPOLIS-Pebblebrook Hotel Trust, a Bethesda-based REIT, haspurchased The Grand Hotel Minneapolis at 615 S. Second Street fromIstar Financial Inc. for $33 million. The 140-room hotel deal alsoincludes 58,000 square feet of space leased to Life Time FitnessInc. for its athletic club.
Pebblebrook plans to invest about $4.5 million for therenovation of the lobby, guest rooms and other public spaces. SanFrancisco-based Kimpton Hotels and Restaurants will manage the14-story hotel. For the full story, go to Minneapolis/St. Paul BusinessJournal.
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