IVY Hotel + Residences

IVY Hotel + Residences is a luxury hotel and residential complex in downtown Minneapolis, Minnesota. The property combines a contemporary 25-story tower with the historic Ivy Tower, a 1930 structure originally built as the Second Church of Christ Scientist. The completed complex rises approximately 302 feet, or 92 meters, and contains 136 hotel rooms and a residential component originally marketed as 91 units, including condominiums. The supplied reference describes the opening configuration as a 136-room hotel and 70 condominiums, suggesting that published descriptions have counted or classified the residential inventory differently. The historic Ivy Tower is architecturally distinctive. Designed by Thomas R. Kimball, it uses a Mesopotamian-inspired architectural vocabulary and a ziggurat-like form that made it an unusual example of that style in Minneapolis. The original building was planned as an administrative and educational component of a larger church complex that was never completed. After the wider plan was abandoned, the tower was sold in 1965 and became known as the Ivy Tower. Minneapolis's Zoning and Planning Committee affirmed a recommendation for historic designation in 1986. The tower and surrounding land remained vacant for several years before being selected for redevelopment as a combined luxury hotel and condominium project. The development was positioned within The Luxury Collection, the Marriott International portfolio associated with individually distinctive upscale and luxury hotels. The completed property opened in summer 2008, integrating the older tower with new hotel and residential construction. The historic structure was adapted for hotel use, including several single-floor rooms and a two-level suite furnished with a baby grand piano. The property was designed to offer hotel-style services to residents as well as guests. Condominium owners were offered access to hotel amenities and services, including food service, valet parking, maid service, and a large spa described in the reference material as covering approximately 17,000 square feet. The complex therefore combined lodging, branded residential living, wellness, and hospitality services rather than operating solely as a conventional hotel. IVY Hotel + Residences also became associated with professional sports in the Twin Cities. The reference identifies it as the official hotel of NHL, NBA, MLB, and NFL teams playing in the area, giving the property visibility among visiting teams, athletes, fans, and autograph seekers. The property has sometimes been colloquially mistaken for or compared with The Saint Paul Hotel, although the two are distinct properties. The development encountered significant commercial difficulties soon after opening. Construction was completed behind schedule, and the project entered operation during the Great Recession. Condominium sales were weak: by November 2009, only 21 units had reportedly sold. The complex subsequently entered receivership. By December 2009, the developers, Jeff Laux and Gary Benson, reportedly remained liable for $56 million of $69 million in loans, in addition to nearly $9 million in mechanic's liens, while a lender pursued foreclosure. A proposed sale of the hotel to Ameriprise Financial collapsed in April 2013. Heartland Investors acquired the hotel in December 2013. The supplied materials do not establish the current legal owner, operating company, financial performance, or the present status of every residential unit.

The history of IVY Hotel + Residences is rooted in the Ivy Tower, a historic Minneapolis building completed in 1930. The tower was designed by Thomas R. Kimball for the Church of Christ, Scientist, as part of a larger planned religious complex. Its Mesopotamian-influenced design and ziggurat-like profile were intended to form one element of a group of towers surrounding a principal church building. That broader scheme was abandoned, leaving the tower to serve as administrative, classroom, and reading-room space rather than as the first stage of the planned four-tower church complex. The tower was sold in 1965 and subsequently became known as the Ivy Tower. Its architectural significance later received formal recognition in Minneapolis when the City Council's Zoning and Planning Committee voted in 1986 to affirm a historic-designation recommendation. Despite that status, the property and surrounding parcel remained vacant for several years. The site was eventually selected for redevelopment as an integrated luxury hotel and condominium project. The redevelopment retained and adapted the historic tower while adding a contemporary high-rise element. The project was developed as part of The Luxury Collection, a Marriott International hotel portfolio focused on distinctive upscale and luxury properties. The completed building reached approximately 302 feet and contained 25 floors and six elevators. It opened in summer 2008 as Hotel Ivy + Residences, with 136 hotel rooms and a residential component. Published descriptions in the supplied material differ on the number of residential units, referring both to 91 residential units and to 70 condominiums in the initial opening configuration. The redevelopment converted portions of the old tower into unusual hotel accommodations, including single-floor rooms and a two-level suite with a baby grand piano. The residential concept extended hotel services to condominium owners, who were offered access to food service, valet parking, housekeeping, and spa facilities. The spa was described as occupying approximately 17,000 square feet. Most condominiums were initially marketed at prices above $1 million, although the supplied sources do not provide a reliable complete price history. The project faced difficulties almost immediately. Completion was delayed, and the property opened into the severe economic conditions of the Great Recession. Condominium absorption was slow, with only 21 units reported sold by November 2009. The development entered receivership, and its financial position deteriorated. In December 2009, the developers Jeff Laux and Gary Benson were reported to owe $56 million on $69 million in loans, along with almost $9 million in mechanic's liens. One lender sought foreclosure. A proposed sale of the hotel to Ameriprise Financial fell through in April 2013. Later that year, in December, Heartland Investors acquired the hotel. The supplied references do not identify the current owner, the current management company, later renovations, or a definitive present-day inventory of hotel rooms and residences. The property is described as part of Marriott International's The Luxury Collection and as a hotel associated with visiting professional sports teams in the Twin Cities.

• 2013

  Ameriprise transaction fails and Heartland Investors acquires the hotel

  [1]IVY Hotel + Residencesen.wikipedia.org

  A proposed April sale to Ameriprise Financial does not close; Heartland Investors acquires the hotel in December.

• 2009

  The complex enters receivership

  [1]IVY Hotel + Residencesen.wikipedia.org

  Weak condominium sales and recession-era financial pressure contribute to receivership and threatened foreclosure proceedings.

• 2008

  Hotel Ivy + Residences opens

  [1]IVY Hotel + Residencesen.wikipedia.org

  The redeveloped complex opens in summer as a 25-floor luxury hotel and residential property incorporating the historic Ivy Tower.

• 1986

  Historic-designation recommendation is affirmed

  [1]IVY Hotel + Residencesen.wikipedia.org

  The Minneapolis City Council's Zoning and Planning Committee votes to affirm a recommendation for historic designation.

• 1965

  The tower is sold and becomes known as Ivy Tower

  [1]IVY Hotel + Residencesen.wikipedia.org

  After the larger church-building plan is abandoned, the tower is sold and takes the Ivy Tower name.

• 1930

  Ivy Tower is completed

  [1]IVY Hotel + Residencesen.wikipedia.org

  The structure that later became the historic component of IVY Hotel + Residences is completed as the Second Church of Christ Scientist, based on a design by Thomas R. Kimball.

A distinctive urban luxury hospitality and residential destination combining historic architecture, contemporary hotel accommodation, condominium living, and hotel-style services. Its affiliation with Marriott International's The Luxury Collection emphasizes individuality, heritage, and upscale service rather than a standardized limited-service hotel model.

• Hotel accommodation · 2008

  Luxury hotel rooms

  The property opened with 136 hotel rooms as part of The Luxury Collection. The lodging operation combines contemporary high-rise accommodation with rooms created within the restored Ivy Tower, giving the hotel a mix of modern and historic settings.

• Hotel accommodation · 2008

  Historic Ivy Tower rooms and suite

  The restored 1930 Ivy Tower includes several single-floor hotel rooms and a two-level suite. The suite was described as being furnished with a baby grand piano and positioned as a distinctive premium accommodation within the historic portion of the complex.

• Branded residences · 2008

  IVY residences

  The residential component consists of luxury condominiums marketed alongside the hotel. Initial descriptions identify either 70 condominiums or 91 residential units, reflecting an unresolved difference in published inventory counts. Residents were offered access to selected hotel amenities and services, including food, valet, housekeeping, and spa facilities.

• Wellness · 2008

  Spa and wellness facilities

  The complex includes a spa described in the supplied reference as approximately 17,000 square feet. It forms part of the full-service hospitality proposition extended to hotel guests and, subject to applicable arrangements, condominium residents.

• 2013

  Change in hotel ownershipM&A

  Background

  A proposed sale to Ameriprise Financial fell through in April 2013 after the property had experienced financial distress.

  Action taken

  Heartland Investors acquired the hotel in December 2013.

  Aftermath

  The supplied sources do not establish subsequent ownership structure, operating performance, or later strategic changes.

  Source

• 2008

  Launch of the integrated hotel and residences complexProduct launch

  Background

  The vacant Ivy Tower and surrounding parcel were selected for redevelopment as a luxury hotel and condominium project associated with The Luxury Collection.

  Action taken

  The historic tower was integrated with a new 25-floor building, creating a 136-room hotel and a residential component.

  Aftermath

  The project opened in summer 2008 but soon faced delayed completion, weak condominium sales, and recession-related financial pressure.

  Reported development cost. $88 million (Development completed in 2008)

  Source

1. 1IVY Hotel + Residencesen.wikipedia.org