BROOKLYN PARK, MN-The 231-suite Northland Inn hotel,foreclosed on last year, has been sold to a joint venture ofProvidence, RI-based Hotel Asset Value Enhancement and a fundmanaged by Fidelity Real Estate Group. Jones Lang LaSalle Hotelshandled the sale for Helios AMC, a special servicer.

The 20-year-old hotel had trouble meeting its loan agreement,says Adam McGaughy, an EVP with JLL, and has been less than 60%full in recent months. However, the property is the only all-suiteconference center hotel in the Minneapolis market, with aneight-story atrium, and has 33,000 square feet of dedicatedconference space.

The price was undisclosed, and McGaughy says a report of a $2.5million appraisal was incorrect, though he confirmed the propertyhad a delinquent $20.5 million mortgage. Column Financial was themortgage holder, and Parkland Hotel Investors was the developer andprior owner that walked away from the property.