Republished from Finance & Commerce
By: Adam Voge May 5, 2015 3:50 pm
TPI Hospitality will take over development of a roughly 150-room hotel planned for the West End area in St. Louis Park and Golden Valley. The area is popular with business travelers visiting company headquarters in that part of the metro.
“We’d like to continue to grow in our existing markets with complementary brands as the markets can support further growth,” Tom Torgerson, CEO of TPI Hospitality, told Finance & Commerce. “We think the market can absorb this hotel.”
Besides their popularity with nearby businesses, hotels in the West End area are also among the first options when downtown Minneapolis hotels sell out, one broker said Tuesday.
“That’s a perfect hotel location,” said Jon Ruzicka, a senior associate in the Minneapolis office of Marcus & Millichap. “St. Louis Park is a first-ring suburb — it doesn’t get better than that – and the appetite for new hotels out there is as hot as can be.”
No hotel flag has committed to the TPI project, but the developer is leaning toward a Residence Inn by Marriott, Torgerson said. TPI expects to keep the same room count though it wants to build eight stories instead of the previously approved six levels, he said.
TPI’s other ongoing projects around the Twin Cities include the conversion of a former downtown Minneapolis office building, at 317 Second Ave. S., into a 135-room Holiday Inn. The developer has nearly completed a 100-room Hampton Inn in Bloomington and expects to break ground this month on two hotels totaling a little more than 200 rooms in Roseville.
TPI hopes to break ground on the new hotel at the West End next spring and open the building in early 2017.
TPI Hospitality became 100% Employee Owned on January 1st, 2015. The magnitude of the change is further highlighted by the fact that TPI Hospitality is in the top 1% of all Employee Stock Ownership Plans (ESOPs) in the country in terms of size. In addition, TPI is the largest 100% employee owned hospitality-company in the nation.
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