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MINNEAPOLIS-Pebblebrook Hotel Trust, a Bethesda-based REIT, has purchased The Grand Hotel Minneapolis at 615 S. Second Street from Istar Financial Inc. for $33 million. The 140-room hotel deal also includes 58,000 square feet of space leased to Life Time Fitness Inc. for its athletic club.

Pebblebrook plans to invest about $4.5 million for the renovation of the lobby, guest rooms and other public spaces. San Francisco-based Kimpton Hotels and Restaurants will manage the 14-story hotel. For the full story, go to Minneapolis/St. Paul Business Journal.

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