HRI Properties Reveals Plans for Minneapolis' Former Plymouth Building
National Development Company to Convert Historic Building into an Embassy Suites by Hilton
MINNEAPOLIS, MN. September 9, 2015 - HRI Properties revealed today its plans for the former Plymouth Building at the corner of South Sixth Street and Hennepin Avenue in downtown Minneapolis. The company will convert the 12-story building into a 290-room Embassy Suites hotel; construction began on June 1, 2015. The new Embassy Suites will include 9,000 square feet of meeting space including a 3,600-square foot ballroom, a 3,000-square foot fitness center, an indoor swimming pool, a first floor bar, 253 below grade parking stalls, and a 7,000-square foot leased restaurant space, in addition to the existing local landmark Lyon's Pub, which will remain in operation during the redevelopment of the rest of the building.
"Communities across the nation have enthusiastically welcomed and supported our capabilities in reviving their downtown centers, and we look forward to continuing this momentum in Minneapolis. The redevelopment of the Plymouth Building offers a unique opportunity to revitalize a local landmark in a prime downtown location near a significant number of corporate headquarters, as well as a vibrant arts community. When completed the hotel will offer the community a compelling and unique set of amenities," said Michael Coolidge, chief investment officer, HRI Lodging.
“The Minneapolis market is experiencing tremendous growth including the development of the new Vikings stadium and additional major corporate headquarters so HRI Properties is excited to be part of the burgeoning downtown expansion. Both business and leisure travelers are increasingly visiting the city and we are pleased to be able to offer a new lodging option in a revitalized historic building unique to Minneapolis,” said Gary Gutierrez, president, HRI Lodging.
Built in 1910-1911, the Plymouth Building was touted as the world's largest all-reinforced concrete office building at the time it was constructed. In 1936 the building's exterior was renovated, removing much of the ornamentation and beaux arts styling in favor of a cleaner and more modern appearance. In 2014 the building was added to the National Register of Historic Places on the basis of its unique construction methods. The Plymouth Building is HRI Properties' 81st project completed or currently under construction in its 35 year history. The company is known for being a leader in the adaptive reuse of historic structures, with redevelopments totaling 5,015 hotel rooms, 6,381 residential units, and 1.45 million square feet of office space with $2.5 billion in total development costs. The $110 million redevelopment of the Plymouth Building will reopen as the Embassy Suites Minneapolis in September 2016. The hotel will be owned by HRI Properties and managed by HRI Lodging.
About HRI Properties
Based in New Orleans, HRI Properties (HRI) is a full-service real estate development company and a national leader in the adaptive reuse of historic structures and the redevelopment of neighborhoods. HRI's mission is “revitalizing cities by creating diverse, vibrant, sustainable communities”. Since its founding in 1982, HRI has completed more than 70 large-scale projects, which total 5,114 apartment and condominium units, 4,116 hotel rooms, and more than 1.3 million square feet of retail and office space, with a total development cost of $2 billion. For more information, please visit www.hriproperties.com
About HRI Lodging
HRI Lodging, LLC. (HRIL) is one of the 50 largest hotel management companies in the U.S. with a current portfolio of 21 hotels and resorts spanning the continental U.S. By building alliances with major domestic and international investment firms, the organization pursues a dual mode growth strategy of managing independent, boutique properties as well as partnering with industry leading brands, including Starwood, Marriott, Hilton and Hyatt. HRI Lodging is the hotel management division of New Orleans-based HRI Properties, a full-service real estate development company and a national leader in the adaptive reuse of historic structures. For more information, please visit www.hrilodging.com
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