A Hilton hotel in Nashville recently sold for $80.3 million.
The Hilton Garden Inn on Korean Veterans Boulevard was purchased by Rockbridge Capital of Columbus, Ohio. The hotel opened one year ago, and Rockbridge paid roughly $375,051 for each of the property’s 214 rooms, just $79 less per room than a nearby 154-room Hampton Inn & Suites when it was sold four months ago to The LCP Group. Nashville’s record for hotel sales is held by the Union Station hotel, which was sold for $52.3 million (or $418,400 per room) in 2014, though this year Nashville has already experienced its second, third and fifth-largest hotel deals in its history.
Rockbridge bought the Hilton Garden Inn directly from its owner and developer, Chartwell Hospitality. Alabama’s BBVA Compass Bank provided Rockbridge the loan for the purchase.
The Hilton Garden Inn is expected to be the only hotel open on Korean Veterans Boulevard until 2018, as the aforementioned Hampton Inn is expected to shut down as it adds 50 new rooms. However, a 470-room, triple-branded Marriott property is under works for the area with an opening date slated for mid-2018. The 21-story hotel is being built by North Point Hospitality and will consist of a 209-room AC Hotels by Marriott, a 125-room SpringHill Suites by Marriott and a 136-room Residence Inn by Marriott.