Wild owner Craig Leipold takes majority stake in the St. Paul Hotel, betting on downtown revival as the city works to fill office space and draw visitors.
Minnesota Wild owner Craig Leipold is doubling down on downtown St. Paul. He is taking a majority stake in the St. Paul Hotel, a landmark property across from the Xcel Energy Center where the Wild play. The deal, announced Tuesday, puts Leipold at the center of two of the city's most visible assets.
The hotel has operated under the same family ownership since 1963. Leipold's purchase gives him control of the 254-room property, which also houses the St. Paul Grill. Financial terms were not disclosed.
The move ties Leipold's hockey business more directly to the city's hospitality economy. The Wild draw roughly 18,000 fans per home game, many of whom fill hotel rooms and restaurants on game nights. Owning the hotel lets Leipold capture a slice of that spending that previously went to a third party.
Leipold said the hotel is a long-term hold, not a flip. He pointed to the city's ongoing redevelopment efforts, including the RiversEdge project and the planned rebuild of the Interstate 94 corridor, as reasons to be bullish on downtown St. Paul's trajectory.
"The St. Paul Hotel is an icon," Leipold said in a statement. "We believe in the future of this city and this neighborhood."
The hotel has hosted every U.S. president since John F. Kennedy. It is also a regular stop for visiting NHL teams, who stay there during road games against the Wild.
Leipold's purchase comes as downtown St. Paul struggles with post-pandemic office vacancy rates above 20%. The city has lost several major corporate tenants, including Ecolab, which moved its headquarters to nearby Mendota Heights. Leipold's bet is that the hotel's location near the arena, the Minnesota History Center and the Science Museum of Minnesota gives it a durable advantage over newer suburban hotels.
The Wild owner already has a stake in the area's entertainment economy. He led the push for the $350 million Xcel Energy Center renovation completed in 2023, which added new suites, club spaces and a practice rink. The hotel purchase extends that footprint.
Leipold will retain his role as Wild owner and governor. The team is in the middle of a competitive window, having made the playoffs in four of the last five seasons. The hotel deal does not affect the team's operations or its lease at the Xcel Energy Center, which runs through 2039.
The St. Paul Hotel will continue to operate under its current management team, Leipold said.
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