Walton Street Capital Pays $70M for DoubleTree by Hilton
- Jul 16, 2014
Downtown Nashville keeps on getting hotter. Most recently, the 337-key DoubleTree by Hilton Nashville Downtown traded hands for approximately $206,000 per key, which is just short of a $70 million total purchase price, reported The Tennessean.
The downtown hotel’s new owner is Chicago-based investment firm Walton Street Capital LLC, which purchased the downtown asset from a joint venture comprising AEW Capital Management of Boston and Cordova, Tenn.-based Wright Investment Properties. According to information available on PropertyShark.com, the joint venture, operating as AEW/Wright Nashville Owner LLC, bought the 1979-built hotel in early 2007, paying $50 million. According to The Tennessean, the 11-story hotel recently went through a $1.5 million interior upgrade, after undergoing a $5 million renovation in 2008.
Located at 315 Fourth Ave N., the 240,423-square-foot hotel features amenities such as 20,000 square feet of flexible meeting space, a total of 23 meeting rooms, a business center, fitness center, indoor pool, bar, lounge and on-site convenience store, snack shop and gift shop.
Buyer Walton Street Capital is not new to the Nashville market, as it purchased the 220-unit apartment component of Velocity in the Gulch in 2012. As previously reported, it had paid former Atlanta-based owner Pollack Shores Real Estate Group $37.5 million for the unsold condos turned apartments. The sale had broken Nashville’s per unit and per square foot record. Of course, thanks to Nashville’s white-hot apartment market, the records have since been broken several times over by sales such as Vista Germantown, Wyndchase Aspen Grove and most recently Elliston 23.
Image courtesy of DoubleTree by Hilton Nashville Downtown