Mille Lacs Corporate Ventures purchases St. Louis Park hotel

ONAMIA-Mille Lacs Corporate Ventures recently announced it has expanded its hospitality footprint with the purchase of the DoubleTree by Hilton Minneapolis Park Place Hotel in St. Louis Park.

The hotel marks the fourth major hotel asset purchased by Mille Lacs Corporate Ventures 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, the corporate office reported.

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 Mille Lacs Corporate Ventures also is adding another restaurant to its portfolio-the Dover Restaurant Bar & Grill in the hote l-- as well as an additional 26,000 square feet of event space.

In a news release, Joe Nayquonabe Jr., CEO of Mille Lacs Corporate Ventures, said that market demand is outpacing 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 outperforms its competitive set and is a great addition to our portfolio of exceptional hospitality assets."

Mille Lacs Corporate Ventures plans to make some modest property improvements to better reflect the standard expected of the DoubleTree by Hilton flag. Mille Lacs Corporate Ventures will be self-managing the property in partnership with Greenwood Hospitality.

The announcement of the acquisition comes on the heels of Mille Lacs Corporate Ventures 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.