Downtown Hotel News

Downtown - North Loop - Mill District - Elliot Park - Loring Park
bapster2006
Foshay Tower
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Re: Downtown Hotel News

Postby bapster2006 » June 3rd, 2015, 2:34 pm

Just for fun, I asked the Four Seasons if there are plans for a Minneapolis hotel. They said no.

Chauncey87
Landmark Center
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Re: Downtown Hotel News

Postby Chauncey87 » June 3rd, 2015, 3:10 pm

Hotels tend to be pretty guarded. I am not sure what credentials you showed when you asked about the Four Seasons expansion plans. Whatever the case maybe if I as an employee was asked about future hotels in any city my default answer would always be no.

bapster2006
Foshay Tower
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Re: Downtown Hotel News

Postby bapster2006 » June 3rd, 2015, 5:31 pm

I asked them as a regular citizen who had enjoyed their hotel in Houston through work. Just taking a chance that maybe they would say they were currently exploring the market. It's fun to ask.

min-chi-cbus
Capella Tower
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Re: Downtown Hotel News

Postby min-chi-cbus » June 4th, 2015, 7:15 am

They probably just literally aren't interested in the Minneapolis marketplace right now, and who can blame them -- it's hotel after hotel project popping up right now and anyone who hasn't bought in yet is probably too late. Plus, if this convention center hotel concept is for real(sies) then there's another 1,000+ rooms that is hovering over the marketplace waiting for a spot to land. If they aren't part of the convention center hotel or anything included in some of the mixed-use projects like United Properties' Nicollet Hotel Block, then I can understand their "no" answer.

nickmgray
Union Depot
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Re: TCF Bank Building Redevelopment

Postby nickmgray » June 8th, 2015, 2:52 pm

HiawathaGuy wrote:Anecdotally, I was using Priceline a few weeks ago to try and find a hotel room downtown Minneapolis for a Saturday night in May. Nothing came up for under $200+ for a decent hotel room! So if hotels are lowering their prices to lure those elusive suburban hotel room seekers on the weekends... I'm not seeing that evidence.
Keep in mind that the nice hotels get booked up in the summer for wedding groups. The smaller luxury hotels are typically the first to fill up with 3-5 wedding blocks which snatch up 10-20 rooms each. After that, the price on the remaining rooms goes up substantially.

twincitizen
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Re: Downtown Hotel News

Postby twincitizen » June 12th, 2015, 10:38 am

Hotel roundup from TC Business Mag: http://tcbmag.com/News/Recent-News/2015 ... uilding-Bo

Missing a few (in bold):
AC Hotel - New Construction
Holiday Inn Express - Conversion
Radisson Red DTE - New Construction
North Loop "Jackson/IPR Building" Hotel - Conversion
Thresher Square Hotel - Conversion
Embassy Suites (Plymouth Building) - Conversion
Canopy by Hilton (Nicollet Gateway) - New Construction
800 Washington site hotel - New Construction

Wedgeguy
Capella Tower
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Re: Downtown Hotel News

Postby Wedgeguy » June 12th, 2015, 11:44 am

They did not do their homework very well. All 3 of the bold type have been on the table much longer than the Radisson Red, Embassy Suites, and the 800 Washington. They need to look at this site for future references on what is going on in the city here.

xandrex
Wells Fargo Center
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Re: Downtown Hotel News

Postby xandrex » June 12th, 2015, 12:08 pm

At least one of those is still kind of pie-in-the-sky material, isn't it? The Gateway project was announced, but there's not even finals plan for it yet, no? Didn't they just say, "Hey, this is going to happen!"

It's more of a "here's a sampling of a list" rather than "this is definitive."

twincitizen
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Re: Downtown Hotel News

Postby twincitizen » June 12th, 2015, 12:31 pm

I was going to note that as well...you have to assume the Gateway project is years away and still very much in flux. Literally anything could happen, up to and including the entire deal falling apart.

Leaving off the 300 N Washington one is a little more suspect, as that is already approved (and seemingly sort of still in question as to whether it is actually still happening)

Wedgeguy
Capella Tower
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Re: Downtown Hotel News

Postby Wedgeguy » June 12th, 2015, 12:57 pm

twincitizen wrote:I was going to note that as well...you have to assume the Gateway project is years away and still very much in flux. Literally anything could happen, up to and including the entire deal falling apart.

Leaving off the 300 N Washington one is a little more suspect, as that is already approved (and seemingly sort of still in question as to whether it is actually still happening)
Thought someone on here said that they saw prep work being done for this project. I could be wrong. But I think it is a go myself with all of the money that has been put into designs already.

Silophant
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Re: Downtown Hotel News

Postby Silophant » June 27th, 2015, 1:33 pm

W Minneapolis at the Foshay and Le Meridian Chambers hotels sold for combined $101 million.

$101MM seems kinda low for the Foshay tower, even if it didn't include the other building, but what do I know.

Wedgeguy
Capella Tower
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Re: Downtown Hotel News

Postby Wedgeguy » June 27th, 2015, 1:48 pm

My understanding is the new owners are assuming a $56M remaining mortgage on the building. If that is the case then it would be a $157 million sale which would make more sense. Most likely the current mortgage has a really great interest rate and would be better to assume that than to pay what is probably a higher going interest rate right now on a larger purchase price.

Wedgeguy
Capella Tower
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Re: Downtown Hotel News

Postby Wedgeguy » August 11th, 2015, 12:09 pm

Walking this morning I noticed that they are replacing the windows in the Hyatt Place in Center Village. Why that was not done when they remodeled in the first place, I'm not sure. Maybe they found out too late that the old windows were not very efficient.

Wedgeguy
Capella Tower
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Re: Downtown Hotel News

Postby Wedgeguy » September 22nd, 2015, 8:11 pm

They have torn down the pool area at the Marriott Depot. Also saw 2 lift buckets up around the roof level of the Renaissance section, that they are supposed to be adding a floor onto. Again, why is this work being done when winter is right around the corner.

grant1simons2
IDS Center
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Re: Downtown Hotel News

Postby grant1simons2 » September 22nd, 2015, 8:14 pm

The majority of 4marq was literally built in the winter. People can work in the winter.

Silophant
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Re: Downtown Hotel News

Postby Silophant » September 22nd, 2015, 8:48 pm

Indeed, as far as I'm concerned, winter is a better season for construction than summer!

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Nathan
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Re: Downtown Hotel News

Postby Nathan » September 23rd, 2015, 7:15 am

grant1simons2 wrote:The majority of 4marq was literally built in the winter. People can work in the winter.
clearly we all know things can and do get built in winter, but it's best for projects to get certain things done above freezing temperatures. Cost for example increases 10 to 20 percent on just a single family home built in the winter, imagine what that's like for a 75 million dollar building. That extra $10 or so million could kill some projects. Now we're experienced with it here so that rarely happens with planning, but it still compromises materials and sucks for construction workers.

LakeCharles
Foshay Tower
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Re: Downtown Hotel News

Postby LakeCharles » September 23rd, 2015, 8:11 am

Nathan wrote:sucks for construction workers.
Really? The construction workers I know like having more winter projects. It means more work year round for more people. Roofing companies lay off in the winter since there isn't enough work. There is less for laborers as well. Indoor workers (finish carpenters, etc.) have winter work, but then this project wouldn't bother them since they would be working inside anyway. I'd take winter employment over having to supplement with another job.

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Nathan
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Re: Downtown Hotel News

Postby Nathan » September 23rd, 2015, 8:47 am

It sucks to be physically outside. Not to have a job. Most people don't volunteer to do their job outside in the winter unless it's required.

LakeCharles
Foshay Tower
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Re: Downtown Hotel News

Postby LakeCharles » September 23rd, 2015, 10:13 am

Nathan wrote:It sucks to be physically outside. Not to have a job. Most people don't volunteer to do their job outside in the winter unless it's required.
Well I never said they volunteered. But between the options of either A) all the jobs in the summer, easy to be outside and unemployed in the winter or B) employed year round and having to work outside most people I know choose B. So I guess I was just saying that I disagree with the assertion that "it's best for projects" to get done in the summer because it sucks for workers. Yes it sucks, but the alternative is worse.


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