Nashville
Bill Gates revealed as buyer of Nashville’s Dream Hotel
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Host Hotels to buy downtown Nashville assets for $500M in biggest deal this year
Sellers include heavyweights Starwood Capital and Crescent Real Estate
An investment group that includes real estate heavyweights like Barry Sternlicht’s Starwood Capital Group is offloading a pair of hospitality assets in downtown Nashville.
Host Hotels & Resorts is poised to acquire the 1 Hotel Nashville and the adjacent Embassy Suites for $500 million, Bloomberg reported. That price would be more than $693,000 per key and the most-expensive hotel sale in Nashville since 2022.
The ownership group comprises Miami-based Starwood, and two Texas-based titans, Crescent Real Estate and High Street Real Estate Partners. They embarked on the development of the two hotels in 2019. A Starwood affiliate bought the site, at 708 and 710 Demonbreun, for $20 million in 2019.
The 1 Hotel Nashville, rising 18 stories, has 215 keys and has been a prominent fixture since its opening in 2022. The 30-story Embassy Suites by Hilton Nashville Downtown has 506 keys and is the largest Embassy Suites property in the United States.
Xenia Hotels & Resorts set a record in March 2022, when it bought the W Nashville Hotel in the Gulch for $328.7 million, or $950,000 per key.
Hotel sales hit a peak in Nashville that year, averaging $38.2 million per transaction, according to CoStar.
Last year’s transactions averaged $21.1 million, but there were several landmark deals. Bill Gates’ Cascade Investment paid $82.6 million, almost $492,000 per key, for downtown’s 168-room Dream Hotel last summer.
New York City-based Dreamscape Companies bought the historic Holston House hotel for $60 million, almost $315,000 per key, late last year. And Atlanta-based Noble Investment Group paid nearly $82 million, about $404,000 per key, for downtown’s Holiday Inn Express.
Plus, country music legend Dolly Parton acquired the 211 Commerce office building, with plans to convert the downtown property into a hotel.
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Bill Gates revealed as buyer of Nashville’s Dream Hotel
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