aloft Hotel

SHERMAN ASSOCIATES, INC.

Brian has a terrific understanding of complex financing tools. His extensive knowledge of New Markets Tax Credits – which we used for this project – was a great help in bringing the aloft Hotel to completion. He also maintains constant watch on overall progress as well as details. We were thrilled to have him on the development team.
– Julia Nelmark, Director, New Markets Tax Credit Program / Midwest Minnesota CDC

aloft

The aloft Hotel – along with the neighboring Zenith Condominiums – is a master development project on the historic Old Milwaukee railroad lines. Though redevelopment efforts began in the late 90s in what is known as the Mill District, it was not until the acclaimed Guthrie Theater chose the neighborhood for its new home that mixed-use development truly took off. The aloft Hotel and Zenith Condominiums now sit alongside fashionable theaters, restaurants, shopping, and entertainment in one of Minneapolis’ most vibrant neighborhoods.

The aloft Hotel concept is the brainchild of Starwood Hotels – the same group that created the W brand. Many people consider the aloft hotel concept ‘W Light’ with its use of many of the same branding images of the W Hotels, but offering lodging at half the cost. The ultra-modern, loft-inspired design offers artistic elegance, chic interiors, and trendy nightspots, and has quickly become a vibrant landmark amid the historic Mill District ambiance.

Selected in 2008 Finalist in Hospitality Development / Redevelopment Award by Twin Cities Business Journal

PROJECT HIGHLIGHTS
Location:Minneapolis, MN
Total Development Cost:$29 million
Number of Units:155 Rooms
Commercial:5,000 sf ground floor
Completion:August 2008
Financing:First Mortgage, New Market Tax Credits, State and County Environmental Cleanup Grants