Noble Investment Pays $58M for Nashville Hyatt
- Mar 16, 2020
Mountain Shore Properties has sold Hyatt House Nashville/Downtown-SoBro, a 217-key hotel in Nashville, Tenn., for $57.8 million, according to public records. The buyer, Noble Investment Group, took $52.1 million in acquisition financing from Truist Bank to close the deal. The hospitality property opened its doors in February, more than two years after breaking ground in late 2017.
Located at 535 Fifth Ave. S., the six-story hotel is within Nashville’s SoBro district, 1 mile southeast of the Capitol and two blocks from both the Music City Center and the Country Music Hall of Fame. The asset is within 1 mile of nearly 10.5 million square feet of completed office space, according to data from Yardi Matrix.
The Hyatt House property has a mix of standard guestrooms and 134 suites, ranging from 300 to 1,214 square feet. Guest amenities include a 24-hour fitness center, an indoor swimming pool, complimentary Wi-Fi, a business center and a bar.
Nashville has positioned itself as a major tourism and business hub in recent years, driving hotel development to cope with growing demand. Mountain Shore’s sale comes amidst growing uncertainty in the hospitality sector due to the new coronavirus, however. A report from Marcus & Millichap predicts that the sector will see immediate and major impacts nationwide as business travel, tourism and conferences all scale back.