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Legacy Hotel Group has paid $7.75 million, or about $93,000 per room, for the Best Western Regency Plaza Hotel, an 18-year-old, 83-room building in Oakdale, MN.
An entity tied to Legacy closed on the property at 970 Helena Ave. N. on Jan. 9, according to a certificate of real estate value. The sale included $900,000 worth of furniture, fixtures and equipment (FF&E).
The seller is Eagan-based Kalpana Hospitality LLC, which is controlled by Prince Bhakta, according to filings with the Minnesota Secretary of State. Bhakta describes himself as the managing partner of ClearWater Hospitality in his LinkedIn profile.
Neither party could be reached for comment on Friday.
Legacy’s offer was just $50,000 shy of the appraised value of $7.8 million and more than twice the assessed value, which stood at $3 million for taxes payable in 2018 according to Washington County property records.
The hotel sits on a two-acre site located half a mile from the junction between Interstate 694 and 10th Street North in Washington County. It has a number of amenities such as conference and banquet facilities that can accommodate up to 40 people, a business center, gym and hot tub. The hotel is also immediately adjacent to two full-service restaurants, and just north of the Oak Marsh Golf Course.
Not including the Oakdale location, Legacy operates 12 hotels in Minnesota, Iowa, Wisconsin and Michigan under three banners, according to the company’s website: AmericInn, Country Inn & Suites and Best Western. Four of the company’s holdings are in Duluth and the Brainerd area. Until now, Legacy has only had one hotel in the Twin Cities – a Country Inn & Suites in Shoreview.
Ronn Thomas with Cushman & Wakefield Minneapolis – St. Paul represented the seller.
Please see CoStar COMPS #4105515 for additional information on this transaction.
