Carey Watermark Makes $77M Statement in Nashville Hotel Biz
By Eliza Theiss, Associate Editor
Carey Watermark Investors has announced the acquisition of the Hutton Hotel, one of Nashville’s top hospitality assets. CWI has disclosed an acquisition price of $77.3 million for the property, while also announcing an estimated $3.7 million in additional costs such as planned capital improvements and various other purchase–related spending.
Located at 1808 West End Avenue in the dynamic West End neighborhood, the 247-key boutique hotel is in close proximity to both major entertainment and employment options, such as the just-opened 1.2 million square-foot Music City Convention Center, the Country Music Hall of Fame, Grand Ole Opry, Music Row, Vanderbilt University and numerous corporate users as well as important future investments, such as the planned 900,000-square-foot mixed-use West End Summit, an office and hospitality development projected to bring around 2,000 jobs to the Midtown area (Read more about West End Summit here).
Hutton, a four-star, luxury lifestyle boutique hotel, boasts top-of-the-line amenities such as 13,600 square feet of flexible meeting space, dividable into nine meeting areas, which include the 7,000-square-foot Vista Ballroom, 24-hour business center, state-of-the-art fitness center, on-site spa and a 300-car parking garage. Dining venues include the hotel lobby Java Bar and the 1808 Grille and Bar. The pet-friendly hotel is also Nashville’s greenest hotel. The building itself was built in the 1970s and it used to be an office, until it was redeveloped, incorporating green features such as energy-efficient appliances and systems, including elevators that consume only 30 percent of the energy of traditional lifts, high-tech HVAC system, LED and fluorescent lights, electric car charging stations and hybrid courtesy vehicles, biodegradable cleaning products and various recycling programs.
Since its February 2009 opening, the 247-key Hutton Hotel has amassed numerous awards and accolades, increasing its investment appeal. Among such distinctions are an AAA Four-Diamond rating, a Forbes Four-Star Award. Hutton has also been included on Travel + Leisure’s T+L 500 list, on Conde Nast Traveler’s Hot List, as well as on the 2013 Forbes Travel Guide.
Amerimar Enterprises, Inc. will stay on as property manager. The Hutton Hotel is also affiliated with Leading Hotels of the World, a provider of marketing, reservations and related services to high deluxe hotels worldwide.
Image courtesy of The Hutton Hotel’s Facebook page