Dreamscape Companies, a New York-based real estate and investment firm, completed the acquisition of the Holston House Nashville from HRI Properties, a recently redeveloped hotel in Nashville. Other terms were not disclosed.
This purchase marks Dreamscape’s third hospitality transaction in the city in the last three years, having acquired The Sheraton Grand Nashville Downtown and Holiday Inn & Suites Nashville Downtown.
Aimbridge Hospitality will oversee and manage operations at the Holston House Nashville Downtown and works hand-in-hand with the hotel’s staff to ensure a seamless transition.
“We are thrilled to be expanding our presence in Nashville given the strong market fundamentals,” Dreamscape Hospitality President Scott Broder said in a statement. “Our scale in downtown Nashville will continue to give us a competitive advantage as we evaluate future acquisitions in the market.”
The Holston House Nashville underwent a $53 million renovation before opening in December 2017. It has been outfitted with 191 rooms, 6,500 square feet of meeting space and a rooftop bar and pool. The hotel includes the street-level restaurant, TENN; a lobby bar; and on-site parking. In addition to reimagining the hotel’s dining concept, Dreamscape plans to integrate additional retail concepts within the property’s expansive lobby.
The transaction was brokered by Newmark’s Lodging Capital Markets Group led by Adam Etra, vice chairman, co-head of Lodging Capital Markets, and Nikita Bernstein, director, who represented the seller and HRI Properties. The financing was sourced by Newmark’s New York-based debt and structured finance group led by Jordan Roeschlaub and Dustin Stolly, co-presidents of debt and structured finance, along with Executive Managing Director Nick Scribani and Director Tyler Dumon.
The Holston House Nashville is close to Bridgestone Arena; Music City Center, the city’s convention center; Nashville Yards and other iconic institutions and landmarks.