The Hilton Hotel Minneapolis, Minnesota’s largest hotel, sold for $225 million at a foreclosure auction on Friday morning.
A Wells Fargo Bank attorney was the sole bidder for the 826-room hotel which was sold in a public quick bid by the Hennepin County Sheriff’s Office in the basement of City Hall from Minneapolis.
Wells Fargo was acting as trustee of JPMorgan Chase, which provided a $180 million loan to Hilton owners in 2018. However, in April 2020, as tourism demand plunged during the outbreak of the COVID pandemic -19, owners Haberhill LLC of Fernandina Beach, Florida and Chicago-based private equity firm Walton Street Capital stopped making monthly payments.
Wells Fargo sued in October 2020 for non-payment.
Walton Street Capital and Haberhill acquired the Hilton for $143 million in 2016. Walton Street Capital and Haberhill still have a six-month buyout period.
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