Moody Expands in Tennessee
- Jun 22, 2015
By Eliza Theiss, Associate Editor
Embassy Suites Nashville at Vanderbilt, a 208-key hotel in Nashville’s Midtown officially changed hands. Moody National REIT I closed on the hotel recently, the Nashville Post reports, which it had under contract since late April. The REIT picked the asset up from TIC Nashville 1 LLC, through Moody National Broadway-Nashville Holding LLC. The purchase, announced in late April clocked in at $66.3 million, is exclusive of acquisition costs.
The REIT was drawn to the Nashville market by several key target features including an expanding metropolitan area, a growing population, an expanding skilled workforce, a major university and the seat of state government. One of the main draws of the newly-purchased asset is its location: less than two miles from downtown Nashville, within the West End-Midtown district, three blocks from Nashville’s medical corridor and Vanderbilt University. This location allows the select-service hotel to capitalize on both Nashville’s business travelers as well as tourists.
Embassy Suites Nashville at Vanderbilt is Moody National REIT I’s second Tennessee property. The REIT also owns Hyatt Place Germantown, a 127-key hotel in the Memphis suburb of Germantown. Hyatt Place Germantown was purchased in 2013 for $11.3 million.
Image credits: Moody National REIT I