The transactions highlight the growing trend of investors targeting select markets with strong demand for long term holds.

Rochester, MN – Avison Young, a global real estate advisory firm, has arranged the sale of three hotels near the Mayo Clinic in Rochester, Minnesota for affiliates of TPI Hospitality. The properties consist of a Homewood Suites by Hilton and Courtyard by Marriott dual branded hotel facility located at 165/161 13th Avenue SW which traded for $29.5 million to Terratron and a SpringHill Suites by Marriott located at 1125 2nd Street SW which traded for $7.8 million to Second Street Hotel Group LLC and Empire Hotels.

Both transactions were arranged by Rick George, Chris Kilcullen and Mike George of Avison Young’s Hospitality Group. David Peters represented Terratron and Harshal Patel represented Empire Hotels in their respective transactions.

The TPI Hospitality-managed Homewood Suites by Hilton and Courtyard by Marriott dual branded hotel facility contains a combined 225 rooms and the popular Saints on Second restaurant directly across from Saint Mary’s Hospital at Mayo Clinic.

The SpringHill Suites by Marriott offering 86 rooms is also directly across the street from the Saint Mary’s Hospital at Mayo Clinic.

Avison Young represented the seller, affiliates of TPI Hospitality, in both transactions.

“The Mayo Clinic and the State of Minnesota’s $6 billion capital investment plan to overhaul its flagship campus in downtown Rochester is beginning to attract institutional hotel investors to the market,” said George. “Long term hold markets with irreplaceable demand generators like Mayo Clinic are increasing in popularity.”

Avison Young’s Hospitality Group specializes in select service and full-service hotels within the U.S. and works with CMBS lenders, whole loan banks, REITs, public companies, investment funds, and private investors.