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Heartland Realty buys Hotel Ivy

The downtown Minneapolis property will keep the Hotel Ivy name, and the new owners have signed an agreement to continue as part of the Starwood Hotels & Resorts’ Luxury Collection.

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Hotel Ivy’s sales price: $20 million

The price for the downtown Minneapolis hotel — among the highest paid per room for a local hotel in recent memory — could have been even higher without the project’s troubled financial history.

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