Mille Lacs Corporate Ventures (MLCV) has purchased the DoubleTree by Hilton Minneapolis Park Place Hotel in St. Louis Park, MN, expanding its hospitality footprint. The hotel marks the fourth major hotel asset purchased by MLCV in the past three years.
Mille Lac Ventures owns several properties including the Intercontinental in downtown Saint Paul, Minnesota by the Mississippi River.
ONAMIA, MN-Mille Lacs Corporate Ventures (MLCV) today announced it has expanded its hospitality footprint with the purchase of the DoubleTree by Hilton Minneapolis Park Place Hotel in St. Louis Park, MN. The hotel marks the fourth major hotel asset purchased by MLCV in the past three years.
The 297-room DoubleTree by Hilton Minneapolis Park Place is a profitable, turn-key investment for Mille Lacs Corporate Ventures and a strategic expansion of its holdings in the Greater MSP market. Located in St. Louis Park, the hotel is minutes away from the Minneapolis Convention Center, Target Center, Target Field and the Viking's new U.S. Bank Stadium.
With the hotel acquisition MLCV also is adding another restaurant to its portfolio-the Dover Restaurant Bar & Grill in the hotel-as well as an additional 26,000 square feet of event space.
Joe Nayquonabe Jr., CEO of Mille Lacs Corporate Ventures, said that market demand is out-pacing supply for full service hotels, making this new acquisition an important strategic addition to the Mille Lacs Band's portfolio.
"When we look at investments, we look for properties that will perform well from day one, and that have a significant long-term upside for our shareholders," said Nayquonabe. "We are more than pleased with the financial strength of this hotel -it out performs its competitive set and is a great addition to our portfolio of exceptional hospitality assets."
MLCV plans to make some modest property improvements to better reflect the standard expected of the DoubleTree by Hilton flag.
MLCV will be self-managing the property in partnership with Greenwood Hospitality.
The announcement of the acquisition comes on the heels of MLCV's recent completion of a whole-property overhaul of its former Crowne Plaza in Saint Paul into the luxury InterContinental Saint Paul Riverfront Hotel-the first IHG hotel in the state.
About Mille Lacs Corporate Ventures
Mille Lacs Corporate Ventures manages all the Mille Lacs Band's businesses, including the InterContinental Saint Paul Riverfront Hotel and the DoubleTree Hilton in St. Paul, MN, 2020 Brand Solutions, Embassy Suites Oklahoma City, DoubleTree by Hilton Minneapolis Park Place and two other hotels along with other Band-owned businesses such as a cinema, a grocery store, gas/convenience stores, a golf course, wastewater treatment plant and a print shop. It also oversees certain amount of the Band's investments and considers new business opportunities to provide economic support for the Band's future. Mille Lacs Corporate Ventures has over 3,500 employees.
