Mille Lacs Corporate Ventures (MLCV) announced on Friday that it has purchased the 236 room Embassy Suites Oklahoma City hotel, located at 1815 South Meridian in Oklahoma City. The purchase represents a strategic expansion into a growing market for the company.
“We are excited to enter the Oklahoma City market with one of the strongest performing hospitality assets,” said Joseph Nayquonabe, CEO of Mille Lacs Corporate Ventures, in a news release. “The quality of the suites and the proximity to key attractions around the city position this hotel for exceptional performance.”
Located only six miles from downtown Oklahoma City, and less than four miles from Will Rogers World Airport, the recently renovated hotel boasts an atrium, of almost 10,000 square feet of meeting space, a business center, fitness room, indoor heated pool and gift shop.
In 2013, Melanie Benjamin, chief executive of the Mille Lacs Band of Ojibwe, issued a directive to diversify the Band’s corporate holdings and strengthen the tribal economy. MLCV began to diversify their investments beyond gaming with the acquisition of its first hotel deal, the Crowne Plaza St. Paul Riverfront hotel and the DoubleTree by Hilton in St. Paul, Minnesota. Since then, MLCV has further diversified by opening Sweetgrass Media, a commercial print shop and acquiring 2020 Brand Solutions. It is in the process of several other planned investments, including the rebuild of Eddy’s Resort on Lake Mille Lacs and the development of a commercial laundry facility and a medical office building in Hinckley, Minnesota.
“Economic diversification is critical to building a strong future for the Mille Lacs Band and I am pleased to see our corporate arm, Mille Lacs Corporate Ventures, acquiring assets that will benefit Band members for many generations to come,” said Benjamin.
This hospitality acquisition is the second step in a nationwide strategy to acquire hospitality assets in major markets.“We remain confident in our decision to enter the hospitality space,” said Jeff Castillo, director of investments and economic development for MLCV. “Market fundamentals remain strong, demand seems to have fully recovered and we are anticipating record occupancy levels in both urban and airport locations.”
Nayquonabe said MLCV is continually analyzing deals in search of opportunities that meet its investment criteria and will position the company for success. “We look forward to discovering our next great opportunity.”