Sheraton Downtown Nashville Sold for $47.5 M
- Sep 03, 2012
Los Angeles-based JRK Hotel Group, a subsidiary of JRK Property Holdings, announced the purchase of a landmark Nashville hotel: the Sheraton Nashville Downtown Hotel.
According to a Nashville Post report JRK paid $47.5 million for the downtown facility, $10 million more than the latest appraisal of the property. The seller was Davidson Hotel Group of Memphis, an entity that co-owned and then owned the hotel for approximately 18 years.
The Sheraton features 472 rooms on 28 floors. Rooms fall into four different categories: standard king, standard double, executive suite and presidential suite. All rooms are air-conditioned, non-smoker and disability accessible. The hotel has 28,000 square feet of meeting space that, according to the Sheraton’s website, are sub-divided into 19 individual spaces, with the largest being the Capitol Ballroom at 10,680 square feet. The hotel also features a business center and has an executive meeting specialist on its roster and offers banquet and catering services.
Speaking of dining options, the Sheraton’s onsite restaurant, the Speakers Bistro, features American cuisine. The hotel also has room service. Guests looking to unwind can do so at Session Lounge, the onsite bar, or at the Sheraton Club Lounge which offers complimentary breakfast and WiFi, at the 24-hour fitness facility or by the indoor heated pool. Other hotel amenities include covered parking, valet, and laundry and dry cleaning services.
“We are very excited about growing our presence in Nashville and we think the Sheraton has tremendous potential to be a leader in the market,” said John Flannigan, president of JRK Hotel Group. And located at 623 Union Street, the potential for greatness is definitely there. Located within approximately a half-mile radius of the property are the corporate offices of KPMG, Deloitte, SunTrust Bank and AT&T. Universities such as Vanderbilt, Tennessee State, Fisk and Meharry Medical College are just three miles away, while the Nashville Convention Center is just 0.1 mile away, and so is the Tennessee Performing Arts Center. Other entertainment options minutes away include Printers Alley, Music Row and the Ryman as well as the Municipal Auditorium, the Bridgestone Arena and many more.
JRK Hotel Group owns and operates premium boutique hotel properties around the country.
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Photo credit: Sheraton Downtown Nashville’s Facebook page