Marcus & Millichap Closes Sale of Downtown Hotel in Music City
- Mar 30, 2016
Nashville, Tenn.—Marcus & Millichap announced earlier this month the sale of a 154-key hotel in downtown Nashville. The Hampton Inn & Suites Nashville Downtown was sold for $58.2 million, or $378,000 per guestroom.
The property is located at 310 4th Ave. South, directly across from the new 1.2 million-square-foot Music City Center, two miles from Vanderbilt University and eight miles from the Nashville International Airport. Guests have access to a variety of amenities, including complimentary breakfast, free Wi-Fi, luxurious indoor swimming pool, fitness room, laundry facility, business center and nearly 2,500 square feet of meeting space.
“Rates that hotel rooms are commanding coupled with a high demand for hospitality properties have made Nashville one of the top hospitality markets in the country,” Georgia Krewson, associate director of Marcus & Millichap’s National Hospitality Group (NHG), said in prepared remarks. “The RevPAR performance in Nashville was among the strongest in the nation’s largest 25 markets in 2015, and the city remains a coveted market due to its extended run of exceptional performance.”
The seller, MR Hotels LLC, was represented by Krewson, Senior Director Wes Tiner and Associates Scott Franco, Zach Moore and Kelley Deibler.
“This transaction highlights the ability of the Marcus & Millichap platform to successfully transact in the institutional asset marketplace,” added Peter Nichols, national director of the firm’s NHG. “The ability of Krewson and Tiner to sell this exceptional asset also illustrates the breadth and depth of relationships developed by Marcus & Millichap agents.”
Image courtesy of Hampton Inn & Suites Nashville Downtown