Minneapolis Hilton sold at auction to Wells Fargo for $225M

The foreclosed Hilton Hotel in downtown Minneapolis was auctioned for $225 million to an attorney representing Wells Fargo Bank on Friday, according to a Hennepin County spokesman.

Wells Fargo, acting as a trustee for JPMorgan Chase Bank, the lender of the $180 million mortgage on the property, sued the Hilton’s ownership group in October 2020 after it defaulted on its mortgage early in the pandemic.

Despite the foreclosure, the 25-story Hilton is still operational. And a recent report from the Minneapolis Downtown Council suggests the hotel industry has recovered in a big way: Downtown hotel stays increased by 56% in 2022 over the year before.