Starwood Capital Trades Nashville Hotel for $80M
- Sep 05, 2019
Square Mile Capital has acquired Embassy Suites by Hilton Nashville Airport, a 296-key asset in Nashville, Tenn., from Starwood Capital Group for $80.2 million, according to public records. The buyer secured $60.6 million in financing for the deal from Pacific Western Bank.
The property last changed hands in December 2016, when Five Star Realty Partners sold it for $29 million. Following the transaction, Starwood invested in capital improvement work which wrapped up in April 2018.
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Located just north of Nashville International Airport at 10 Century Blvd., the nine-story hotel is within a mile of 3.3 million square feet of office space, per data from Yardi Matrix. The asset is alongside Interstate 40, 7 miles from the city center. Constructed in 1986, the hotel has a mix of standard and executive suites. Guest amenities include a business center, swimming pool and fitness center, in addition to 14,000 square feet of flexible meeting and event space.
While most hotel transactions this year have occurred in more central locations, Wexford Lodging Advisors paid more than $13 million in May for a DoubleTree Suites less than 2 miles to the north. Nashville’s tourism industry has exploded with an estimated 15.2 million tourists visiting the metro in 2018, according to a city tourism agency, 5 percent higher than the previous year.