Maple Grove Cambria Suites Hotel Acquired Out of Foreclosure
TMI Hospitality reportedly paid millions of dollars for the Maple Grove hotel, according to a local media report.
Cambria Suites hotel, located near Maple Grove Hospital, will now be under new ownership.
TMI Hospitality recently acquired Cambria Suites hotel out of foreclosure for $7.1 million according to a recent article in the Minneapolis St. Paul Business Journal.
“TMI Hospitality is pleased to welcome the first Cambria Suites to our portfolio,” said CEO of TMI Hospitality Lauris Molbert.
Cambria Suites hotel has 129 rooms as well as an onsite restaurant, meeting rooms and more.
TMI, based in Fargo, N.D., plans to continue operating Cambria Suites under franchise agreement with Choice Hotels, according to the Minneapolis St. Paul Business Journal article. who said Cambria Suites opened in Maple Grove in 2009. A group of lenders reportedly foreclosed on the property a year later.
“This is a very exciting development for the brand,” said Senior Vice President of Cambria Suites said. “Working with an experienced owner/operator like TMI Hospitality, that has an existing portfolio of eight hotels in the greater Minneapolis market place, positions us for continued success in the Maple Grove market.”
TMI Hospitality is the owner/operator of about 200 properties, according to the company, representing several national franchises including Marriott, Hilton, Choice Hotels, Carlson and IHG brands.