Marcus & Millichap sold the 154-room Hampton Inn & Suites in downtown Nashville, Tenn. The $58.2 million sales price equates to nearly $378,000 per room.
“Rates that hotel rooms are commanding, coupled with a high demand for hospitality properties, have made Nashville one of the top hospitality markets in the country,” said Georgia Krewson, associate director of Marcus & Millichap’s National Hospitality Group (NHG). “The RevPAR performance in Nashville was among the strongest in the nation’s largest 25 markets in 2015, and the city remains a coveted market due to its extended run of exceptional performance.”
Krewson, along with Wes Tiner, a senior director of the NHG, associates Scott Franco, Zach Moore and Kelley Deibler, all in Nashville, represented the seller, MR Hotels.
The Hampton Inn & Suites in downtown Nashville is located at 310 4th Avenue South, directly across from the new 1.2 million-square-foot Music City Center, two miles from Vanderbilt University and eight miles from the Nashville International Airport.
Opened in 2007, the property is an upper-midscale contemporary hotel that provides guests with a complimentary breakfast buffet and wireless Internet access. Other amenities include a modern fitness center, an indoor pool and 2,500 square feet of meeting and event space.