The Ramada Inn-Downtown Minneapolis, 41 N. 10th St., goes on the auction block Dec. 16.
The minimum bid for the 192-room is $4.5 million. The Chicago-based Auction Services Group and Cleveland-based Ehle, Morrison Group will oversee the auction, which begins at 2 p.m. at the Radisson Hotel Roseville.
The hotel is located next to the Greyhound bus terminal, 950 Hawthorne Ave. N., and the Salvation Army's Harbor Light Center, 1010 Currie Ave.
"The auction is a unique opportunity for hotel owner/operators or investors to purchase this quality-built Downtown hotel, or it allows a developer the ability to acquire a 2.22-acre development site in the central business district," said Ehle Principal Bruce Morrison in a prepared statement.
The three-story hotel features two full-service restaurants, a lounge, a fitness center and large indoor pool. Tours will be held Wednesday, Dec. 8 and Dec. 15, 1.-3 p.m.
The property was first developed as an upscale Kahler Inn-Town Hotel in 1963. The hotel was sold in 1998 and became a Ramada Inn last summer after $3 million in renovations. The current taxpayer is listed as Nath Midwest Lodging LLC of Bloomington, according to Hennepin County property tax records.