Capstone Development Pays $46M for Two Nashville Hotels
- Nov 06, 2014
Franklin-based Chartwell Hospitality announced the sale of two Nashville hotels. Chartwell, along with two private investors, sold the 169-key Hampton Inn Nashville/Vanderbilt and the 157-key Hampton Inn & Suites Elliston Place to out of state investors, reported The Tennessean. Chartwell Hospitality will continue to manage both properties.
The 1919 West End Ave. Hampton Inn Nashville/Vanderbilt was picked up by an affiliate of Capstone Development LLC for $24 million. The hotel features 864 square feet of meeting space, a business center, fitness center, outdoor pool, guest laundry, high-speed internet and complimentary local shuttle service.
The 157-room Hampton Inn & Suites Elliston Place located at 2330 Elliston Place was purchased by Capstone Development for $22 million, according to The Tennessean. Amenities include a fitness center, pool, business center, convenience store, snack shop and 24-hour Pavilion Pantry Market.
Both Hampton Inn Nashville/Vanderbilt and Hampton Inn & Suites Elliston Place are located just one block from Vanderbilt University and are in close proximity to several other universities, including Belmont, Tennessee State, Fisk and Meharry Medical College. Other nearby attractions include the Country Music Hall of Fame, the Tennessee Titans Football Stadium and downtown Nashville.
According to The Tennessean, Honolulu-based The Shidler Group and an affiliate have purchased the land the hotels are situated on. The 1919 West End site was sold for $9.33 million, while 2330 Elliston Place was picked up for $8.67 million. Capstone has leased the land from Shidler.
The properties’ new owners were attracted by Nashville’s dynamic hospitality market. According to Marcus & Millichap, Nashville is the top performer among the 25 largest U.S. markets. The first half of 2014 brought a 19.5 percent RevPAR growth, significantly higher than the 13 percent state level growth. Nashville boasted an $83.75 percent Revpar at midyear.
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Images courtesy of Chartwell Hospitality