MINNEAPOLIS—Graves Hospitality (GH) has sold the Graves 601 Hotel located in downtown.
The transaction is a strategic move by the nearly 40-year-old development and management company, allowing for a redeployment of capital into higher growth assets of its vast portfolio and opening up lucrative reinvestment opportunities. The sale results from an off-market, unsolicited offer by Loews Hotels & Resorts. The acquisition is expected to close in July of 2014.
“We’ve always maintained a clear eye on the future and an unwavering commitment to creating returns for our investors,” said Jim Graves, founder of Graves Hospitality. “Frankly, this sale creates revenue for new development, management and investment opportunities that result in an even higher rate of return. Accepting their offer was simply good business.”
Benjamin Graves, principal of Graves Hospitality, stated, “This sale, like the 2012 sale of our Hotel Williamsburg in Brooklyn, sets a high watermark for value. We’re incredibly proud of our ability to adeptly capture markets with relevant and exciting projects. Repeatedly, strategic reinvestment has proven to be a keystone of our company’s success.”