Woodbury Sheraton sold for $13.4 million
The Woodbury Sheraton Hotel has been sold for $13.4 million, according to new management officials.
Schulte Hospitality Group, a company based out of Louisville, Ky., purchased the property from the lender who took over the hotel after former owner Jerry Trooien went into bankruptcy.
"That hotel has a lot of potential as far as future revenues," said Martin Hanson, vice president of hotel performance for Schulte Hospitality Group. "It was a great opportunity for us."
The company does not have plans to change the way the 155-room hotel operates, he added.
"We'll be working with the Sheraton Group just to make sure it's up to their level and expand our involvement in the community," Hanson said.
The company has hotels in Kentucky, Illinois, Iowa, Ohio and Indiana. The Woodbury Sheraton is the first it acquired in Minnesota.
Trooien, real estate developer and owner of the St. Paul-based JLT Group, was previously set to hang on to the property as part of a court-ordered deal in 2011.
However, the Sheraton returned to its lender, Minneapolis-based Dougherty Funding, in August, according to a report by the Finance and Commerce.