We continue to be excited about the upcoming renovation of the gorgeous, historical Nate's Clothing building in the Warehouse District of Minneapolis. We're planning an $8 to $9 million renovation for what will soon be a posh boutique hotel, complete with a first-floor restaurant, rooftop garden, and access to all of your favorite Twin Cities activities.

U.S. Hotel & Resort Management (better known as Regency Hotel Management) has acquired a historic Minneapolis building, which it will turn into an upscale boutique hotel with large suites and a rooftop garden.

Another player is poised to enter the downtown hotel market. Regency Hotel Management, whose properties include the Ramkota Hotel and ClubHouse Hotel & Suites in Sioux Falls, wants to build a 70- to 100-room hotel in the heart of downtown.