Berkadia Hotels & Hospitality has been exclusively retained in connection with the solicitation of offers to acquire the fee simple interest in the 200-key Hilton Garden Inn Minneapolis Airport Mall of America (the “Hotel,”“Asset,” or “Property”). The six-story, concrete and steel constructed hotel has been institutionally owned/managed over its life-cycle and is in excellent condition following $14.5 million ($73k/key) of capital improvements over the past decade. Moreover, with a leading, Hilton affiliated flag that caters to the full spectrum of traveler types and a highly coveted location, which features a diverse demand profile with immediate access to one of the United States’ most frequented lifestyle centers and transportation hubs – Mall of America (40 million annual visitors) and Minneapolis–Saint Paul International Airport (37.2 million passengers in 2024) – the Hotel has demonstrated the consistent ability to outperform the competitive set and averaged a 124% RPI over the last five year end periods, with immediate room for upside (year end 2024 RPI of 112%).
Offered unencumbered of management, the Hilton Garden Inn represents a unique opportunity for a new owner to acquire a recently renovated, premium-branded, limited-service hotel, with proven historical and in-place top-line performance, and immediate operational efficiency/cash-flow appreciation upside (12.6% NOI margin). Furthermore, the Asset is being offered at less than half of replacement cost and with a long-term FLA available (new 15 year license). Coupled with a world-class reservations and rewards program of more than 210 million members (Hilton Honors), no new supply under construction, fully recovered submarket RevPAR, significant potential tax savings, impressive market growth dynamics, and access to the region’s top downtown markets – Minneapolis and St. Paul (forecast to attract a combined 50 million visitors by 2030) – the Asset presents a highly attractive investment opportunity in the current economic landscapeand is positioned to offer hospitality investors with immediate and long-term value throughout their hold period.
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1601 American Blvd E, Bloomington, MN 55425
THE OFFERING
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2025 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
1601 American Blvd E, Bloomington, MN 55425
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DAN HAWKINS
Managing Director
240.793.0290 dan.hawkins@berkadia.com DC License #SP200201313
JUSTIN STORER
Real Estate Analyst
774.275.7833 justin.storer@berkadia.com DC License #SP40003037
Michael Black
Real Estate Analyst 312.845.8575 michael.black@berkadia.com IL License #475211643
H&H Investment Sales:
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Spring 2019: Broke ground
November 2022: Hotel delivered
January 2023: Affiliate of the developer filed for Chapter 11 bankruptcy due to COVID impact and cost overruns, limiting the ability for the Asset to properly stabilize with a fully invested owner/management team due to financial and operational distress
April 2024: Lender purchased the Property at foreclosure auction.
Asset History/Timeline:
Ryan Lindgren
Managing Director 312.845.1884 ryan.lindgren@berkadia.com IL License #475180379
JAKE PIETRAS
Associate Director
410.940.9497 jake.pietras@berkadia.com MD License #5003787
Katelyn Reynolds
Associate Director 213.399.3390 katelyn.reynolds@berkadia.com
H&H Financing:
Connor Wimsatt
Associate Director
240.204.5138 connor.wimsatt@berkadia.com
Ethan Wagner
Senior Real Estate Analyst
814.574.7376 ethan.wagner@berkadia.com
797 SF + prefunction space with sweeping views of the city and Hotel’s rooftop garden (located on the 14th story penthouse)
Meeting & Event Space
Indoor pool, fitness center, outdoor patio with seating and cabanas, business center, complimentary WiFi, digital key, airport shuttle
Additional Amenities
Garden Grille and Bar, Pavillion Pantry
Food & Beverage
247
Guestrooms
4.78 AC
Land Area
95,706 SF
Building Area
June 1999 / 2016-2024
Vintage / Renovation
Unencumbered (currently First Hospitality)
Management
#4 of 16 hotels in Cranberry Township
Hilton Garden Inn Minneapolis Airport Mall of America
Off-site
Laundry
376 spaces | 1.88 ratio | $10/day
Surface Parking
THE LOCATION
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1601 American Blvd E, Bloomington, MN 55425
14
Stories
#4 of 16 hotels in Cranberry Township
Michael Weinberg
Managing Director 321.319.1419 michael.weinberg@berkadia.com
Recently renovated, six-story hotel with concrete and steel construction and long-term FLA offered at less than half of replacement cost
Strong in-place market share with proven historical performance and attainable top-line growth potential in a fully recovered submarket
Fee simple, non-union hotel with proven historical cash-flow and considerable management value-add upside
Diversified demand profile with immediate access to one of United States’ busiest lifesytle centers/leisure destinations and transportation hubs
Dynamic location supported by connectivity and compression from a top 25 MSA’s most frequented downtown markets - Minneapolis and St. Paul
Favorable supply story with no new hotels under construction
Poised to capitalize on immediate local development and region’s continued economic growth trajectory
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Mauricio Rodriguez
Managing Director 240.204.5133
mauricio.rodriguez@berkadia.com
Minneapolis Airport
Mall of America
200 (20 suites)
Keys
Concrete and steel
Construction
6
Stories
1,200 SF (2 meeting rooms)
Meeting Space
Andy Wimsatt
Senior Managing Director
Head of Hotels
301.529.6057 andy.wimsatt@berkadia.com MD License # 371388
Matt Raptosh
Managing Director
814.470.9983 matt.raptosh@berkadia.com
Michael Weinberg
Managing Director 321.319.1419 michael.weinberg@berkadia.com
Ethan Wagner
Senior Real Estate Analyst
814.574.7376 ethan.wagner@berkadia.com
Connor Wimsatt
Associate Director
240.204.5138 connor.wimsatt@berkadia.com
Minneapolis – St. Paul International Airport (MSP)
MSP airport ranks among the top 20 busiest airports in the United States, realizing 37.2 million passengers for 2024 (6.9% YoY increase and 94% of 2019 levels).
Record-setting 3.6 million international travelers in 2024, representing a 19.6% increase from 2023.
Delta and KLM Royal Dutch Airlines are adding multiple new trans-Atlantic flights to Europe in 2025, highlighting additional growth ventures (Amsterdam, Rome, and Copenhagen).
Generates an estimated $15.9 billion in annual economic impact for the Twin Cities region, supporting over 87,000 jobs.
$263 million Terminal 2 expansion began in August 2024.
MALL OF AMERICA
Largest lifestyle center in the United States
40M annual visitors
+600 shopping & dining options
Supports 13,000 employees
+$2B annual economic impact
SkyWater Technology
Headquartered in Bloomington, MN, SkyWater Technology is a U.S.-based semiconductor foundry that provides custom development and manufacturing services. The company specializes in advanced technology solutions across various industries such as aerospace, automotive, and health care.
113,460 square foot Bloomington facility.
In late 2024, the company received $19 million from the State of Minnesota to expand its semiconductor manufacturing facility.
The state’s investment comes from the Minnesota Forward Fund, which also provides matching funds for companies seeking federal resources such as CHIPS Act funding. - Total project cost is $127 million. - Will create 70 new jobs. - Set to accelerate modernization and equipment upgrades for aerospace, defense, biomedical, industrial, thermal imaging, and quantum computing customers. - Will increase production capacity by 30%.
Metro Office Park
Less than 1 mile from the Mall of America.
7 office buildings, totaling nearly 429,000 square feet of space.
Major tenants include SeaTec Consulting, Interim Healthcare of Minneapolis Staffing, Wilson-McShane Corporation, Teachers on Call, Boyum Barenscheer, Terrapin Technologies Inc., and more.
South Loop Office Center
Formerly known as the BLN Office Park.
Two-building office property adjacent to the Mall of America.
+341,000 square feet of space.
Corporate
Minneapolis MSA → Home to 33 companies with revenues exceeding $1 billion
+142,000 financial services jobs
+290,000 business services jobs
PolaR Semiconductor
A U.S.-based manufacturer headquartered in Bloomington with over 60 years of experience in producing power semiconductor devices and sensors for the automotive, consumer, and industrial markets.
In the spring of 2024, Polar Semiconductor announced plans to invest $525 million into the expansion of its Bloomington manufacturing facility over the next two years.
With this investment, the company plans to: - Double it current U.S. production capacity of 200mm semiconductor wafers. - Create 160 new jobs. - Enhance and update its facility with new automation and AI capabilities.
TKDA
In May 2024, engineering and architecture firm, TKDA, announced plans to move its headquarters to Bloomington. - 87,000 square feet of office space. - 300 employees will work at this new location. - Expected to have renovations completed by Q1 2025.
Minneapolis VA Health Care System
Located on the north side of MSP airport and employs 5,120 people.
Nearly 919,600 outpatient visits (FY 23).
Annual budget: nearly $1.5 billion (FY 23).
1.5 million square feet (one of the largest buildings in Minneapolis).
Main campus provides primary care and specialty health services – including surgery, neurology, cancer treatment, and dentistry.
CENTER FOR HEALTHCARE & LIFE SCIENCES RESEARCH
Over 750 health and life sciences firms
Nearly 300,000 jobs supported industry-wide
"Silicon Valley of Healthcare"
Birthplace of the pacemaker and in-ear hearing aid
Minnesota has the highest concentration of medical technology workers in the nation
Minnesota ranks #2 in the nation for medical technology patents granted (over 100,000)
Paisley Park
A 65,000 square foot, multifaceted creative complex established by the legendary musician, Prince, in the mid-1980s. Paisley Park served as his home, recording studio, and rehearsal space. The facility includes state-of-the-art recording studios, a concert venue for live performances, and various exhibits showcasing Prince’s life and career. Since Prince’s passing in 2016, Paisley Park has been open to the public for tours, allowing fans to experience the iconic space where much of his music was created and to view memorabilia and artifacts from his career.
Nieman Sports Complex
Recreational facility located in Bloomington, Minnesota, which offers a variety of sports amenities, including fields for soccer, baseball/softball, and other outdoor activities across 50 acres. The complex is designed to accommodate both youth and adult sports leagues, providing a space for community events and athletic programs. It is a popular destination for local sports enthusiasts and serves as a hub for recreational activities in the area.
Minnehaha Falls
Minnehaha Falls is a stunning 53-foot waterfall located in Minnehaha Regional Park in Minneapolis, Minnesota. It is a popular natural attraction, drawing visitors year-round to enjoy its scenic beauty. The 193-acre park surrounding the falls offers walking and biking trails, picnic areas, and gardens, making it a great spot for outdoor recreation and relaxation. The falls are part of Minnehaha Creek, which flows into the Mississippi River, and the area is steeped in cultural and historical significance, often celebrated in local art and literature.
Fort Snelling State Park
Located in the heart of the Twin Cities, Fort Snelling State Park is a historic and recreational destination situated at the confluence of the Mississippi and Minnesota Rivers. The park offers a variety of outdoor activities, including hiking, biking, fishing, and birdwatching, with numerous trails and scenic views. It is home to the historic Fort Snelling, a restored 19th-century military fort, which provides educational exhibits and programs about the region’s history. The park is a popular destination for both locals and tourists seeking to explore nature and learn about Minnesota’s past.
Long Meadow Lake
Long Meadow Lake is a 1,500-acre lake and wetland part of the Minnesota Valley National Wildlife Refuge. The area around Long Meadow Lake features more than 18 miles of trails and observation points, making it a popular spot for birdwatching, hiking, and nature photography.
18 miles of hiking trails.
5 miles of biking trails.
Snowshoe and canoe rentals.
12 miles of groomed and tracked ski trails.
Six miles of trail packed for multiple uses – dog sledding, skijoring.
Ice fishing
Higher Education
The Twin Cities are home to some of the finest colleges and technical institutes in the country, including 20 colleges and universities as well as a variety of technical and community colleges, like Anoka- Ramsey Community College, North Hennepin Community College, and Normandale Community College.
Professional Sports Mecca
The Minneapolis metro is the host to six professional sports teams who compete across five sports venues, including the Target Center, Target Field, U.S. Bank Stadium, Allianz Field, and the Xcel Energy Center. The 39,500-seat Target Field is home to Major League Baseball’s (MLB) Minnesota Twins and has established itself as one of the premier sporting venues in the country. The National Football League’s (NFL) Minnesota Vikings play at the recently constructed U.S. Bank Stadium, where more than 72,000 fans come to cheer on the home team.
Capella University
Offers 46 Degree Programs, 12 Certificate Programs, and Over 2,000 Courses
41,401 Students
University of Minnesota, Twin Cities
Offers 170 Undergraduate Degree Programs and 200 Graduate and Professional Degree Programs
54,800 Students
Supports nearly 28,000 Jobs Metro-Wide Generating an $8.6B Annual Economic Impact
$1.0B in sponsored research funding awarded
Viking Lakes Mixed-Use Development
200-Acre Mixed-Use Development
Total Cost → $3B
3M SF of Total Space
Major Developments
In March of 2022, Bloomington City Council and Port Authority approved the use of tax increment financing (TIF) to support the development of the waterpark as part of a public private partnership with the Mall of America ($345 million waterpark + $75 million parking ramp). Mystery Cove will be the largest water park in the state (144,000 square foot pool), including a wave pool, lazy river, family-friendly attractions, retractable roof, skyway to the mall, and will be able to hold up to 3,000 guests at a time. Construction on the water park is expected to start in 2025, with an expected opening in 2027.
Mall of America Expansion
Development has been underway at Viking Lakes since 2016 and is expected to continue through 2026. As of early 2022, the 200-acre, mixed-use development in Eagan is home to the NFL’s Minnesota Vikings headquarters and practice facility; practice stadium; the $98 million, 320-room Omni Viking Lakes Hotel; a medical office building; and a portion of the 1,000-plus residential units that will eventually emerge. At build-out, Viking Lakes will have a total of about 3 million SF of corporate offices, retail, medical space, and multifamily residences.
Rivers Edge – St. Paul
$800M Mixed-Use Development
5,000 New Jobs
Dallas-based AECOM has formed a public-private alliance with Ramsey County to develop RiversEdge, a nine-acre site overlooking the Mississippi River in St. Paul. The $800 million project will include a mix of Class A offices, apartments, retail, entertainment, and hospitality uses across four towers ranging from 15 to 29 stories. The $278 million first phase will deliver 132,000 square feet of public space and trail connections, two towers with a 168-key hotel, 56 condo units, 350 rental apartments, 11,500 square feet of retail, and 500 parking spaces. RiversEdge also would be part of St. Paul’s ambitious 1.5-mile “River Balcony” that creates a pedestrian corridor primarily on the downtown bluff. Funding has been acquired but a development timeline has not been determined.
Southwest Light Rail Transit
In November 2018, the Twin Cities Met Council received approval to begin construction on its $2.8 billion Southwest Light Rail Transit (SWLRT) extension. Groundbreaking for the entire project was in December 2018. In August 2021, the first rail for the SWLRT Green Line Extension was laid in the suburb of Hopkins and will extend light rail service 14.5 miles from Downtown Minneapolis to Eden Prairie with 16 stations along the way. Upon final delivery, the light rail extension is expected to spur significant job growth, provide access to employment, and prompt further economic development in communities along the line. SWLRT is expected to begin passenger service in 2027.
$2.8B Rail Line Extension
Downtown Minneapolis → Eden Prairie (20-minutes West of Bloomington)
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+145,000
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Katelyn Reynolds
Associate Director 213.399.3390 katelyn.reynolds@berkadia.com
Minneapolis is one of the fastest growing markets in the U.S. with 5.8% YoY RevPAR growth in 2024 (the Hotel's competitive set grew 9.3% over the same period).
Broker of Record
MN License #40475251
pete evans
Michael Black
Real Estate Analyst 312.845.8575 michael.black@berkadia.com IL License #475211643