Minot Holiday Inns sold
A new year has brought new owners to Minot’s two Holiday Inns.
The Holiday Inn-Riverside, located at 2200 E. Burdick Expy., across from the North Dakota State Fairgrounds, and the Holiday Inn Express Hotel & Suites, located at 300-37th Avenue SW, next to Walmart Supercenter, were sold Dec. 27.
The Holiday Inn-Riverside was formerly owned by Riverside Inc., a company comprised of investors from Minot’s Maragos family. The Holiday Inn Express was formerly owned by Constant Angel LLC, which included other investors along with the Maragos family.
George Maragos, the general manager of both hotels, said both properties were sold to Heartland Hospitality Fund LLC of Cedar Rapids, Iowa.
“They have about 14 other hotels in their portfolio spread across the United States. Most of them in the South – Florida, Texas, Arkansas,” Maragos said. “This is their first foray up into the northland.”
Holiday Inn-Riverside has been in Minot since 1983, while the Holiday Inn Express is a newer facility, built in 2007.
Maragos said the family sold the two hotels because the timing was just right, and they were given an offer they couldn’t pass up.
“The property had just been re-renovated from the flood and the damage that it suffered,” Maragos said. “The new owners came to us with a very good deal that the Maragos Riverside Inc. couldn’t turn down.”
Maragos declined to reveal the price of the transaction.
While both hotels now have a new owner, Maragos said about the only thing that will change is the name on the payroll checks. Guests at both hotels will see nothing different in terms of amenities or service, and can expect everything they are used to to stay the same, including all the employees.
“The current staff and management is all staying,” Maragos said. “I’m still running both hotels as I did this last year during the renovation and the sale that took place.”
Maragos said guests won’t see any differences because Heartland Hospitality Fund is letting the hotels be autonomous, which allows management to run them as they see fit.
One big change at the Holiday Inn-Riverside that was already in the works before the sale will continue, however. Maragos said they plan to finish the renovation of the last 150 rooms there. The rooms flooded by the Souris River in 2011 are complete and the remaining unflooded rooms will be remodeled in the same manner.
“The new owners will be spending around $2.5 (million), close to $3 million on that,” Maragos said.
While the ownership might be different, Maragos said both hotels’ commitment to the community of Minot remains as strong as ever.
“We’re here for the community, and that’s what the prior ownership had been doing for the last 30-some years,” Maragos said. “We’re here for the community and we’ll continue to be here for the community, and we look forward to serving everybody.”