Paramount Lodging Advisors (PLA) Completes Sale of Welcome Suites Minot, ND
Paramount Lodging Advisors is pleased to announce the successful closing of the Welcome Suites Minot, a 64-key extended-stay hotel located at 3501 4th St SW in Minot, North Dakota. The property was sold fee-simple, unencumbered by debt or management, following its inclusion in the March 9th auction event on RealINSIGHT Marketplace.
Formerly operated as a My Place Hotel, the Welcome Suites Minot represented a rare value-add opportunity. The hotel had been closed since January 2024, when a broken third-floor pipe caused significant water damage that was subsequently fully remediated. Currently zoned General Commercial, the City of Minot has signaled openness to a rezoning to mixed-use, providing a clear path to converting portions of the building into multi-family housing while retaining a ground-level commercial component. The asset carries significant upside through either a repositioning to an alternative use or a reopening as a hotel following a targeted remodel.
The property benefits from a strong location along U.S. Route 83, with high visibility and an estimated 24,000 vehicles passing daily. Welcome Suites Minot is strategically positioned to capture demand from a diverse and resilient employer base, including logistics and service-based companies supporting the Bakken oil region, regional energy operations led by firms such as Hess Corporation, and Minot Air Force Base, which supports more than 12,800 military personnel and dependents. The surrounding healthcare corridor is anchored by Trinity Health's brand-new regional medical campus and the recently opened Trinity Hospital, a $560 million, 590,000-square-foot, 228-bed facility, alongside multiple specialty clinics. Leisure demand drivers include the North Dakota State Fairgrounds, Roosevelt Park Zoo, and the 14-acre Scandinavian Heritage Park, which draws thousands of visitors annually. The property is further served by Minot International Airport (MOT), which accommodates over 350,000 passengers per year with direct service from Delta, United, and Allegiant.
The transaction was led by Suzanna Farley Aldrich, Director, and Chuck Klinkhammer, Senior Associate, of Paramount Lodging Advisors. The closing underscores the team's strong execution and depth of experience navigating complex, value-add hospitality transactions, with all escrow and closing requirements managed in full alignment with North Dakota protocols and the structured timeline of the RealINSIGHT auction process.
"Welcome Suites Minot offered a compelling combination of a well-located, structurally sound asset and the flexibility to pursue multiple paths forward, whether reopening as a hotel or converting to a mixed-use, multi-family configuration," said Suzanna Farley Aldrich, Associate at Paramount Lodging Advisors. "Minot's diversified demand base, anchored by energy, healthcare, military, and tourism, made this an especially attractive opportunity, and we're pleased to have delivered a clean, efficient closing for our client."
Paramount Lodging Advisors (PLA) is a national hotel brokerage and advisory firm specializing in hospitality asset sales, debt and equity placement, and value-enhancement strategies.
To learn more about our expertise, recent transactions, and working with our team, visit www.ParamountLodging.com.
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