Lowe to Acquire Nashville Marriott
NASHVILLE, TN, May 6, 2006. The Nashville Marriott at Vanderbilt University is expected to be sold soon for more than $50 million to Lowe Enterprises. According to the Nashville Business Journal, California-based Lowe is said to have a contract to purchase the hotel and is expected to close the deal later this month.
The 11-story, 307-room hotel opened in November 2001 and was developed by Hardin Capital of Atlanta.
The pending Vanderbilt Marriott deal values each of the hotel's rooms at about $163,000, said the report, which noted the nearby 208-suite Embassy Suites Nashville at Vanderbilt sold last December for about $147,000 per room, while the February sale of the Renaissance Nashville Hotel downtown valued each room there at about $114,000.
The Marriott has a ground lease on property owned by Vanderbilt University. The hotel is part of a mixed-use development near Vanderbilt and Centennial Park that includes a 300,000-square-foot office building and 62,000 square feet of retail space.
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