Triton Hospitality Group Acquires Minneapolis’ Iconic Marquette Hotel, a Curio Collection by Hilton
281-Room Downtown Lifestyle Property Located in the Heart of the Central Business District
Triton Hospitality Group (Triton), a venture launched in 2021 by hospitality and investment veterans John Murphy, founder and previous president of Evolution Hospitality, and David Parsky, founder and former managing principal of Arris Investments, to acquire under-performing hotel assets, announced the acquisition of The Marquette Hotel, a Curio Collection by Hilton, located in downtown Minneapolis. The Southern California boutique investment firm has earmarked an additional $4 million for guest related enhancements and property improvements and has appointed Evolution Hospitality as manager in its first step in maximizing the four-diamond hotel's full potential.
"The Marquette exemplifies what Triton is currently targeting in our acquisition strategy," said David Parsky, partner at Triton. "The ability to take a contrarian view on a struggling market that was fundamentally strong pre-COVID, an ‘A' location that should be first to recover in the market, an opportunity to reset basis at a substantial discount to both replacement cost and prior cycle trades, and some level of physical and financial complexity."
The Marquette Hotel, located at 710 S Marquette Avenue, boasts an unparalleled position within the most heavily trafficked block of the Minneapolis Business District, located just steps from Nicollet, the city's 12-block pedestrian thoroughfare of retail, entertainment and office space, and in close proximity to many of the city's most prominent attractions including U.S. Bank Stadium, Target Field, and Target Center. It is housed in the IDS Center, a landmark 1.8 million square foot Phillip Johnson-designed mixed-use, development considered the centerpiece of downtown Minneapolis. Built in 1970, in 2017 the hotel underwent a full guestroom and public area renovation and rebranding as a member of Hilton's Curio Collection, which included a full-scale transformation of all 281 guestrooms and suites, lobby and public spaces, food and beverage outlets and meeting space.
As one of the city's premier corporate and group hotels, the AAA four-diamond property features 25,800 square feet of stylishly appointed, high-tech event space across 19 rooms including Windows on Minnesota, a venue situated on the 50th floor of the IDS Center, consistently in high demand as the host location for many of the city's most upscale events. Additional features and amenities include some of the largest guestrooms in the Minneapolis market, two signature dining outlets - The Jolliet House Social Club and The Marquette Lounge, and unparalleled direct access to the Minneapolis Skyway.
"We are excited to work in lockstep with our friends at Evolution Hospitality in the repositioning of the Marquette and are thrilled that our first acquisition is in the great city of Minneapolis, a city we know well," said Murphy, partner at Triton. "Triton will use its vast experience and operational acumen to leverage every and all revenue opportunities through an aggressive sales, marketing, ecommerce, revenue management and brand alignment effort. As we bring new and returning customers to the hotel, our highly tenured hotel team will be keenly focused on engaged service and brand leading customer satisfaction."
Triton plans to invest approximately $4 million of additional capital into the property on projects that include a reimagination of the hotels' food and beverage outlets, the addition of two state-of-the-art Topgolf Swing Suites, aesthetic enhancements to Windows on Minnesota, a transformed fitness center and an all new, energy-efficient, guestroom HVAC system.
Triton Hospitality Group is located at 3029 Wilshire Blvd., Suite 200, Santa Monica, CA 90403. For more information, visit www.TritonHG.com or email [email protected]