NEW YORK and LONDON – October 20, 2021 – Monarch Alternative Capital LP, a leading investment firm with approximately $9 billion of assets under management, today announced the purchase of the Westin Minneapolis in Minnesota in partnership with HEI Hotels & Resorts. Through its existing real estate presence and deep relationships in the Minneapolis market, Monarch was able to acquire a leading hotel at a significant discount to historical transactions in an off-market purchase due to disruption caused by the pandemic. The Westin Minneapolis acquisition, Monarch’s twelfth hotel purchase in 2021, highlights the firm’s continued ability to identify attractive properties that it believes are well-positioned to benefit from the return of both business and leisure travel.
The Westin Minneapolis is a 214 key, full-service business-oriented hotel in the heart of downtown Minneapolis. The hotel’s location, at the center of the Minneapolis Skyway System and its close proximity to the city’s largest group facilities including the Minneapolis Convention Center, U.S. Bank Stadium, Target Field, and Target Center, make the property an attractive destination for business and leisure travelers in the city’s business district. To enhance the already high-quality business, leisure, and entertainment offerings, Monarch is committed to further improving the hotel through an upcoming property renovation. Furthermore, Monarch believes that the Westin brand, with significant customer loyalty in the business and leisure markets, will make the hotel one of the most sought-after hospitality properties in the city.
In addition to the property characteristics, Monarch continues to be drawn to the dynamic attributes of the Minneapolis market. With its young and highly educated workforce, Minneapolis is already a desirable business location and is home to more Fortune 500 companies per capita than any other large metro market in the United States. The Westin Minneapolis is already beginning to benefit from the return of business and leisure travel to the area.
Ian Glastein, Managing Principal and Co-Head of Real Estate at Monarch, said, “Our acquisition of the Westin Minneapolis is consistent with our focus on high quality properties in historically strong markets that have been dislocated by the COVID-19 pandemic. Our deep sourcing capabilities, together with our ability to provide speed and certainty of execution, were key to this transaction.”
Monarch will operate the property in partnership with HEI Hotels & Resorts, a leading hotel investment and management company. HEI’s experience managing hotels in Minneapolis and Westin properties across the United States further strengthens the growth prospects for the Westin Minneapolis.
