Opryland Premium Select Service Portfolio Transacted by the Plasencia Group
The Plasencia Group, a leading, privately-owned hospitality investment advisory firm, is pleased to announce the sale of the Fairfield Inn & Suites and Courtyard Nashville at Opryland hotels, located in Nashville, Tennessee, together comprising 203 rooms. The firm represented Wheelock Street Capital, a real estate investment firm based in Greenwich, Connecticut and Boston, Massachusetts, in the sale of the portfolio. Gehr Hospitality, a Century City, California-based hospitality investment firm, acquired the asset. The Plasencia Group's Chief Executive Officer, Lou Plasencia, and Managing Directors Nick Plasencia and Chris Plasencia advised the seller in this disposition.
"It has been an absolute pleasure representing Wheelock Street Capital on another successful transaction this year. At the same time, Gehr is entering one of most dynamic and highly sought-after real estate investment markets in the country," commented Nick Plasencia.
"These fully renovated hotels benefit from the captive demand emanating from the outstanding surrounding attractions of the Opryland district and should continue to enjoy the rapid ongoing expansion of the greater Nashville market."
The Courtyard and Fairfield Inn & Suites are situated within one of Nashville's steadiest and most insulated demand generators: the Opryland district. Located on a landmass surrounded on three sides by the scenic Cumberland River, the submarket is home to the Gaylord Opryland Resort & Convention Center, the Grand Ole Opry, Simon Property Group's Bass-Pro-Shops-anchored Opry Mills Mall, Madame Tussauds Nashville, the General Jackson Showboat, and the Gaylord Springs Golf Links. The local lodging submarket has thrived in recent years, thanks to these robust drivers of demand and proximity to downtown Nashville and Nashville International Airport.
The Plasencia Group has successfully facilitated dispositions of more than 80 Marriott-branded hotel and resort assets, including 18 portfolio transactions, nationwide since it was founded in 1993.