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Avison Young Arranges Sale of Hotels near Mayo Clinic in MN
Avison Young has arranged the sale of three hotels near the Mayo Clinic in Rochester, Minnesota, for affiliates of TPI Hospitality.
The properties consist of a Homewood Suites by Hilton and Courtyard by Marriott dual-branded hotel facility, which traded for $29.5 million to Terratron, and a SpringHill Suites by Marriott, which traded for $7.8 million to Second Street Hotel Group LLC and Empire Hotels.
Both transactions were arranged by Rick George, Chris Kilcullen and Mike George of Avison Young’s Hospitality Group. David Peters represented Terratron and Harshal Patel represented Empire Hotels in their respective transactions.
The TPI Hospitality-managed Homewood Suites by Hilton and Courtyard by Marriott dual-branded hotel facility contains a combined 225 rooms directly across from Saint Mary’s Hospital at Mayo Clinic. Avison Young represented the seller, affiliates of TPI Hospitality, in both transactions.
“The Mayo Clinic and the State of Minnesota’s $6 billion capital investment plan to overhaul its flagship campus in downtown Rochester is beginning to attract institutional hotel investors to the market,” said Rick George.
