Carey Watermark Investors 2 Drops $56M on CBD Hotel
- May 14, 2015
Carey Watermark Investors 2 Incorporated (CWI 2), a publicly registered real estate investment trust focused on the hospitality industry, recently acquired the 192-key Courtyard Nashville Downtown in Nashville’s historic Printers Alley District. According to the Nashville Business Journal, CWI 2 picked up the hotel for $56.5 million from previous owner Worthington Hyde Partners, also known as SWH Properties, of Atlanta. The hotel will stay under the Courtyard flag and will stay under the management of Marriott International.
Originally built in 1895 as a home for First National Bank, the 12-story historic building was converted to a hotel in 1998. The property recently completed a $2.9 million renovation in April, that included upgraded guest bathrooms, a full soft and case good replacement in the guestrooms and renovations to guestroom corridors. A lobby upgrade was completed in 2012.
Courtyard Nashville Downtown amenities include six meeting rooms totaling 3,226 square feet of meeting space, lobby-level business center, 24-hour fitness center and an onsite lobby restaurant and lounge. Located within Nashville’s CBD, Courtyard Nashville Downtown is in close proximity to the 1.2-million-square-foot Music City Convention Center, millions of square feet of office space, as well as famed entertainment attractions such as Music Row, Broadway, Country Music Hall of Fame, Bridgestone Arena and the Gaylord Entertainment Center.
As a result of Nashville’s dynamic entertainment and music industry, an emerging convention industry and growing corporate demand, Nashville currently attracts upwards of 12 million annual visitors. As a result, between 2009 and 2914 Nashville’s hospitality industry experienced an 11.2 percent RevPAR growth, close to double the national average of 6.8 percent over the same period.
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Image via Carey Watermark Investors 2