One of Minnesota's top-rated luxury hotels is undergoing an ownership change and will see a rebranding under that new ownership.

It was reported Wednesday morning that Loews Hotel in Downtown Minneapolis has been purchased by new ownership as part of a joint venture between Marcus Hotels and Resorts, Hempel Real Estate, and Robinson Park Investments.

Previously known as Graves 601 Hotel, the 22-story, 250+-room hotel right across the street from Target Center and within a short walk of Target Field in Downtown Minneapolis was purchased by Loews Hotels & Resorts in 2014.

When Loews purchased the property 10 years ago, Benjamin Graves of Graves Hospitality said they weren't looking to sell the hotel "but they gave us a number we couldn't refuse, so we had to say yes".

Google Earth
Google Earth

Loews operates luxury properties in 17 markets in North America, including New York City, Toronto, Orlando, and New Orleans. In selling the Loews Hotel in Downtown Minneapolis, they will be getting rid of their only property in Minnesota, leaving them with only two properties in the Upper Midwest - both located in Chicago.

MIX 108 logo
Get our free mobile app

The terms of the deal were not disclosed following the news of the sale, but upon closing of the deal, Marcus Hotels & Resorts will assume management of the hotel, which they say will be rebranded under another major global hotel system.

The addition of this Loews property in Downtown Minneapolis makes this the third property managed by Marcus Hotels & Resorts in the Minneapolis area since entering the market in 1993. They also manage the Hilton Minneapolis/Bloomington in Bloomington and previously operated the Crowne Plaza-Northstar Hotel just a few blocks away from the Loews Hotel in Downtown Minneapolis. reports the acquisition is expected to close in early March of this year.

20 Most Expensive Counties In Minnesota To Live In

According to 2022 data from the Minnesota Department of Employment and Economic Development

Gallery Credit: Nick Cooper - TSM Duluth

More From MIX 108