AWH Partners Acquire DoubleTree Nashville Downtown
AWH Partners, LLC, a privately held real estate investment, development and management firm, announces today an investment into the DoubleTree by Hilton Nashville Downtown, a strategically planned investment in the alluring market. Conveniently located in the epicenter of Downtown Nashville, the newly renovated, 341-room hotel offers ideal access to Music City's impressive list of corporate and leisure demand generators. Newmark Knight Frank (NKF) brokered the sale and financing of the acquisition for the purchaser, an affiliate of The Inland Real Estate Group of Companies, Inc. (Inland), and Spire Hospitality, AWH's full-service hospitality management company, is now managing the DoubleTree by Hilton Nashville Downtown for Inland's affiliate.
"We have been diligently watching Nashville for a fitting investment for some time," says Jon Rosenfeld, co-founder and managing partner, AWH Partners. "Our team invested substantial time understanding the healthy pace of demand growth while also watching the recent, substantial supply growth in the destination. This vast hotel - fresh from a 2019 renovation and poised in the heart of the city - is an ideal investment for our portfolio, providing a great opportunity for current returns over a long-term hold. Additionally, as the DoubleTree by Hilton brand is known for its consistent and comfortable hotel experience, we're eager to continue embracing guests in warmth and welcome."
As the third largest city in the Southeast, Nashville has emerged in the past few years as one of the most dynamic, accessible and affordable cities in the United States. Cultural diversity, a variety of strong industries and a thriving creative community make Nashville among the nation's best cities for relocating, expanding and starting companies. Due to its low cost of living, no income tax and central location, Nashville has been able to attract numerous domestic and international corporations with top-tier talent.
"The corporate activity development in Nashville is remarkable," said Chad Cooley, co-founder and managing partner, AWH Partners. "Amazon is opening its 5,000-person Operations Center of Excellence in downtown in 2021; Philips added more than 1,000 jobs in the past year at Philips Plaza, which is adjacent to our hotel; while Smile Direct Club moved to the same building, also bringing thousands of jobs. Alliance Bernstein moved its headquarters from New York City, bringing over 1,000 jobs, the vast majority of which will be above Nashville's existing median annual wage. This hotel is poised to benefit from this corporate growth, coupled with the alluring leisure draw of the downtown destination."
DoubleTree by Hilton Downtown Nashville is steps from Ryman Auditorium and countless bars and restaurants on Broadway, as well as a short drive from Nissan Stadium, Bridgestone Arena, Tennessee State Museum and the Tennessee State Capitol. An early 2019, multi-million-dollar renovation of the hotel introduced a fresh, modern and approachable guest room design. Culinary offerings include the Fourth & U Restaurant and Bar, in addition to the seasonally popular Patio 315, which boasts live music, lawn games, firepits and a movie-size projection screen. Alongside 20,000 square feet of flexible meetings and events space, additional property offerings include an indoor pool, Starbucks, fitness center and valet parking.