The century-old St. Paul Hotel overlooking Rice Park has a new hometown ownership group, led by Minnesota Wild owner Craig Leipold. The buyers took control on Thursday and say they plan to renovate guest rooms and introduce new food-and-drink concepts. The purchase, announced in a news release, lands as civic leaders continue a long-running push to breathe new life into downtown St. Paul.
According to the Star Tribune, Leipold is the majority owner, joined by Securian Financial, Ecolab and local developers Jim Kelly, Carl Kaeding and David Williams. The paper reports that the purchase price has not been disclosed, and Ramsey County assessors valued the property at about $17.3 million earlier this year. Leipold, who already leases the hotel’s penthouse, said in the release, “I am a true St. Paul fan, and I’m thrilled to be able to invest in its future.”
Leipold’s downtown play
Leipold has already been a significant private investor in downtown projects, and the hotel deal lines up with the Wild’s broader effort to stabilize the surrounding entertainment district. That larger arena push, which paired a roughly $200 million state request with local commitments and included about $162.5 million in local arena funding, has been a major topic at the State Capitol this spring, according to the team's $200 million arena push. City officials have repeatedly argued that this kind of private check-writing is essential to getting people and events back into the urban core.
A century-old anchor
Built in 1910 in an Italian Renaissance-revival style, the St. Paul Hotel has long anchored Rice Park and the city’s cultural district, according to Historic Hotels of America. After a major restoration, it reopened in 1982 and has hosted presidents, performers and traveling conventions over the decades. The new ownership group says it plans “extensive improvements,” including renovations to every guest room and additional food-and-beverage concepts, per the Star Tribune.
The owners have not released the sale price or a firm renovation timeline, and Travelers Cos. had owned the property for decades before this deal. City leaders have welcomed the fresh infusion of private capital as another incremental step in downtown’s recovery. We will keep an eye on filings, permits and future announcements to see how the renovations and new hospitality concepts take shape.
