A Nashville hotelier has paid $4.8 million for the 172-room Magnuson Hotel Downtown North Nashville, with plans to rebrand it as the Quality Inn Downtown Nashville, reports The Tennessean.
The buyer, Sam Zaveri, plans to spend an additional $2 million on renovations, including upgrades to the rooms, lobby, ballrooms and banquet rooms.
"Trinity Lane is a down market right now, but its got lot of room to grow as Nashville's downtown grows," he said about the general location of the hotel.
With the acquisition, Zaveri now owns four Nashville area hotels.
The others are a Comfort Suites off Stewarts Ferry Pike in Nashville, a Holiday Inn Express in White House, Tenn., and another Magnuson Hotel in Goodlettsville. He also owns a Best Western hotel in Baton Rouge, La., plus a pair of gas stations in Nashville and Texas.