Craig Leipold and Local Business Leaders Purchase the Historic St. Paul Hotel
A Local Ownership Group Takes Over a St. Paul Landmark
Minnesota Wild owner Craig Leipold is now the majority owner of the St. Paul Hotel, the historic 1910-era property at 350 Market St. in downtown St. Paul. He led a group of local investors to purchase the building from Travelers Cos., which had owned the property for decades.
Joining Leipold in the ownership group are Securian Financial, Ecolab, and three established St. Paul real estate developers. Ramsey County assessed the property at approximately 17.3 million dollars at the start of 2026, though the sale price was not disclosed publicly.
What the Renovation Will Include
The new ownership group has announced plans for a comprehensive renovation of the building. Every hotel room will be updated, and new food and beverage concepts will be added throughout the property.
The team is actively working to finalize a deal with a major national hotel brand, which they expect to announce in the coming months. The stated goal is a four-star-plus positioning that puts the St. Paul Hotel in direct competition with the Four Seasons in downtown Minneapolis, the Omni at Viking Lakes in Eagan, and the JW Marriott at the Mall of America in Bloomington.
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A Building With More Than a Century of History
The St. Paul Hotel opened in 1910 and was designed by the same New York architectural firm behind Grand Central Terminal. In its early decades, the property served as a premier social and political gathering place, attracting U.S. presidents and nationally known figures.
Suburban competition led to a temporary closure in 1979, but a community-driven effort restored the hotel and reopened it in 1982. The 11-story Renaissance revival structure overlooks Rice Park and remains one of the most recognizable addresses in St. Paul's downtown core.
What This Signals for Downtown St. Paul
This purchase fits into a larger pattern of private investment returning to the capital city. Leipold has already committed 162 million dollars toward renovating the Grand Casino Arena complex under an agreement with the city.
Both Securian Financial and Ecolab, longtime St. Paul corporate anchors, have made recent investments in their downtown campuses as well. Whether this wave of activity translates into lasting economic momentum for the capital city is still being written, but the direction of private capital in St. Paul is increasingly clear.
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