Starwood Capital Sells Nashville Hotel
- Dec 12, 2019
Riller Capital has acquired the Holiday Inn Express Nashville Airport, a 207-key hotel in Nashville, Tenn., for $24.1 million from Starwood Capital Group, according to public records. The hospitality asset last changed hands in 2017, when Garrison Investment Group sold it for $18.4 million.
The three-story hotel, constructed in 1997, is located at 1111 Airport Center Drive, less than a mile and a half from Nashville International Airport. The property’s position also benefits from nearby businesses—according to Yardi Matrix, 1.4 million square feet of office space is within 1 mile of the hotel, including two buildings which sold for $86 million in October.
In addition to its standard guestrooms and suites, the Holiday Inn Express has a range of amenities including three meeting rooms, an outdoor swimming pool, a fitness center and a business center. The property was last renovated in 2016.
Nashville’s hospitality market continues to expand, with several notable projects underway. Despite a significant slowdown in national RevPAR growth, averaging 1.1 percent year-over-year through the second quarter of 2019, Music City boasted gains of nearly 8 percent during the same period.