Nashville Hotels Change Hands
- Oct 19, 2018
Wheelock Street Capital has sold two of its hospitality assets in Nashville to The Gehr Group for $35.3 million, according to Davidson County records. The seller had purchased the 203-key portfolio from LinGate Hospitality in 2013 for nearly $18.6 million.
The 94-key Courtyard Nashville at Opryland and 109-key Fairfield Inn & Suites Nashville at Opryland are the two Marriott-affiliated properties that traded. Gehr landed two 5-year loans totaling $25.4 million from BMO Harris Bank to finance the acquisition. The buyer also partnered with the lender last summer, when the company acquired the 132-key Four Points by Sheraton in Charlotte, N.C.
The two assets are located at 125 and 211 Music City Circle, within 1 mile of the Gaylord Opryland Resort & Convention Center. The city’s downtown is 12 miles to the southwest, accessible via Tennessee Route 155. The three-story Fairfield Inn was constructed in 1996 and the four-story Courtyard opened a year later. Both properties contain a mix of standard guestrooms and suites, an on-site amenities include fitness centers, swimming pools and complimentary Wi-Fi.
Images via Google Street View