On October 10 Continental acquired approximately 4 acres of land in Eagan, Minnesota from United Properties for a 127 room Residence Inn by Marriott. Construction started on the site the next day. Our new hotel will be adjacent to the recently completed 450,000 square foot Central Park Commons which is anchored by Hy-Vee and also includes Hobby Lobby, Total Wine and More and Sierra Trading Post.
The Eagan Residence Inn is Continental's first hotel since we opened our aloft Chicago O'Hare in 2008. As an experienced and prolific national apartment developer and operator, we are very excited to build our first Residence Inn, the brand generally recognized as the premiere extended stay brand in the industry. The Residence Inn is scheduled to open in the 4th quarter of 2018. Aimbridge Hospitality will operate the hotel.