Nov 29, 2012 at 12:55 pm
ST. CLOUD, Minn. (KNSI) Former Congressional candidate Jim Graves has sold the downtown St. Cloud hotel he owned.
The St. Cloud Times reports the Le St. Germain Hotel has been sold for $6.2 million to Lamont Companies of Aberdeen, South Dakota, which already owns the Hampton Inn and Suites and the Homewood Suites in St. Cloud.
As part of the sale, the nine-story hotel will change its name to Courtyard Suites by Marriott.
Graves recently spent about $1.5 million renovating the hotel's 103 rooms, lobby, public meeting areas, pool and restaurant.
Graves says there are tax implications if you hold on to a particular property for a long period of time, and that played a part in his decision to sell.