RobertDouglas Advises Wexford Lodging Advisors and Trinity Private Equity Group on The $19.2-Million Refinancing for The Doubletree Suites Nashville Airport in Nashville, Tennessee
RobertDouglas advised a joint venture between Wexford Lodging Advisors and Trinity Private Equity Group in successfully refinancing its existing loan for the 138-key, all-suites DoubleTree Suites Nashville Airport. The new, non-recourse senior mortgage is $19.2 million and has a five-year term. The floating-rate financing was provided by a leading life insurance company's real estate credit platform.
The DoubleTree Suites Nashville Airport is well-located in the dynamic and growing Nashville Airport submarket, home to the Nashville International Airport, which is undergoing a $1.2 billion visionary renovation; surrounded by 8.5 million+ SF of office space; and within 8 miles of the heart of Downtown Nashville. Since acquiring the DoubleTree Suites Nashville Airport in 2019, Wexford Lodging Advisors and Trinity Private Equity Group have completed a high-impact renovation in the public spaces and rooms.
Patrick Tan, RobertDouglas Associate, commented: "The hospitality market for Nashville and its Airport submarket continues to show strong growth, influenced by the Airport renovation and the high level of complementary investment. The combination of DoubleTree Suites Nashville Airport's institutional sponsorship and compelling business plan attracted strong interest from a diverse pool of lenders."
Evan Hurd, Principal and Managing Director added, "Nashville has an outstanding mix of leisure and corporate demand that is fueling strong investment activity in many asset classes, especially hospitality. We are pleased to complete this transaction in our new regional base of Nashville and look forward to further contributing to its investment and lending community."