Schulte Hospitality Bags First Nashville Hotel Property For $29M
Whatever else it might have been, 2016 was the year of the hotel deal in Nashville, and the trend continued in December with the acquisition of the 296-room Embassy Suites Nashville-Airport by Schulte Hospitality Group for nearly $29M. The Louisville-based company's portfolio includes more than 50 hotels in 25 states, but this Embassy Suites is its first Middle Tennessee hotel, according to the Nashville Business Journal.
The price represents considerable appreciation for the property, since it traded for about $8M less only four years ago. That was before the land rush of investors and developers eager to be in the Nashville hotel market, however. Demand for hotel rooms, which is helping set ADR records in Nashville, has been the main driver of the influx into the market. [NBJ]
