21c Museum Hotels, a boutique hotel company and restaurant group, is buying a historic downtown building with plans for a new luxury hotel in Nashville, Tenn.
The Louisville, Ky.-based company made the winning $6.8-million bid for an office building and land at 222 Third Ave. N. that the Metro government was selling through its online eBid auction system.
21c's winning bid comes as the company is in an expansion mode. In addition to hotels in Louisville, Ky.; Cincinnati; and Bentonville, Ark., it has a hotel under construction in Durham, N.C., with projects planned in Lexington, Ky.; Oklahoma City; and Kansas City, Mo.
With the auction completed, 21c is required to deposit 10 percent of its bid with Metro within five business days. It will then have 30 days to close the purchase of the property. Most recently, the Davidson County Property Assessor's Office appraised the 222 Third Ave. N. building at $3.9 million and the land at $1.4 million.