Kimpton will take over management of the Grand Hotel Minneapolis following Pebblebrook Hotel Trust’s acquisition of the property for $33 million.
Pebblebrook bought the 140-room hotel from its lender, iStar Financial, which took title to property via a deed in lieu of foreclosure this past summer.
The upper-upscale hotel had been owned and operated by Wirth Cos. of Minneapolis.
Wirth also used to own the Radisson Bloomington by the Mall of America and the adjacent water park. Wirth sold that property in April.
The Grand Hotel Minneapolis originally opened in 1912 as the Minneapolis Athletic Club. From 1999 through 2001, Wirth spent $50 million converting the property to a hotel.
Pebblebrook said it plans to invest approximately $4.5 million into the Grand Hotel Minneapolis over the next 12 to 24 months to refurbish guestrooms and the lobby.
Kimpton manages two other hotels owned by Pebblebrook: the Sir Francis Drake in San Francisco and the Monaco in Washington. In early September, Kimpton sold the Monaco to Pebblebrook.