The 113-room Holiday Inn Express in St. Cloud, Minn., has been sold in a deal brokered by Marcus & Millichap.
The Holiday Inn Express was built in 1999 and is positioned just off Interstate 94, roughly miles from St. Cloud Regional Airport. In 2015, Superior, Wis.-based Island Investment purchased the hotel—which had been renovated in 2014—for roughly $9 million.
Jon Ruzicka, Joseph Ferguson and Reed Gizinski—investment specialists in Marcus & Millichap’s Minneapolis office—had the exclusive listing to market the property on behalf of the seller and procured the buyer.
“This was a seldom available opportunity to acquire a high grossing upper midscale flag in a highly sought after Minnesota market,” Ruzicka, managing director investments, Marcus & Millichap, said in a statement. “The buyer is planning an extensive renovation which will further enhance the property’s appeal.”