Heard on the Street: Developer sells another SE Rochester hotel for $7.4 million
An 83-room southeast Med City hotel recently sold for $7.4 million as the second sale of Rochester property by a North Dakota developer in two months.
The La Quinta Inn and Suites hotel at 4353 Canal Place SE in the Shoppes on Maine commercial area was purchased by American Hospitality of Shakopee on Dec. 28.
American Hospitality is managed by Zulfiqar Ahmad, of Plymouth, according to Minnesota Secretary of State documents.
Olmsted County estimated the market value of the 50,400-square-foot hotel at $4.07 million for 2017-2018.
PLC Inc., a development firm out of Fargo, N.D., built the three-story hotel, just east of the Rochester Toyota car dealership, in 2013.
Chuck Hayes, PLC’s president, was also the developer behind the nearby 86-room Microtel Inn & Suites hotel at 4165 Maine Ave SE.
The Microtel was sold for $6 million on Nov. 29.