Jones Lang LaSalle's Hotels & Hospitality Group arranged the sale of Hotel Ivy, A Luxury Collection Hotel, in downtown Minneapolis.
The 136-key luxury hotel is the only Forbes Four Star Hotel in the state of Minnesota and represents a component of a 25-story mixed use development project that combines modern architecture with the historic, 1930's Ivy Tower. The hotel sold to Heartland Realty Investors and Wischermann Partners has been engaged to manage the hotel moving forward.
Hotel Ivy's luxury accommodations feature some of the most spacious guestrooms in downtown Minneapolis, residentially appointed décor, four-fixture bathrooms and 10-foot ceilings throughout. The hotel also serves as home to the award-winning Porter & Frye restaurant and bar, Ivy Club Spa and Fitness Center, and 6,000 square feet of elegant function space across six rooms.
Managing Director Adam McGaughy and Senior Vice President John Nugent led the Jones Lang LaSalle team on this transaction.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.
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