Austin Holiday Inn sold; Torge’s Live, Sports Pub & Grill and conference center also part sale
The Austin Holiday Inn and two of its related properties, owned by TPI Hospitality, have been sold, although few details were available Friday about how and if the hotel will change its brand.
Mitch Peterson, chief operating officer for TPI, confirmed the sale to ATI Hotels LLC.
The property, he said, will be managed by Madison Hospitality Group, LLC, a Brainerd-based company whose owners include Kirk Schultz, who was general manager of the Austin hotel at its opening
Peterson declined to talk at length about ATI’s plans for the hotel — “that’s their story to tell,” he said — but did say that “I know that they are interested in investing in the property and in the community.”
Certificates of assumed name documents filed with the Minnesota Secretary of State office, and a warranty transfer filed in the Mower County Recorder’s office, both show the new owner to be ATI Hotel LLC, whose manager, according to the filing, is Chandra Kumar Jaiswal.
Peterson said the hotel, Torge’s Live, Sports Pub & Grill and the conference center were also part of the sale. Two other TPI properties, Perkins Restaurant and Days Inn, were not part of the deal.
Peterson did not speak at length about the reasons for the sale, but noted the company became employee-owned and in the current cycle of property ownership, “it wasn’t in our best interest” to keep the hotel.
He added, however, that TPI was happy to remain invested in the other
properties it still owned in Austin.
The Holiday Inn opened in the location in 1989. Portions of the two-story, 118-room, 11-suite hotel, located on 1701 Fourth St. NW, were renovated in 2011.
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