JV to Invest $2.5 Million to Upgrade Hotel
NASHVILLE, Tenn.—April 3, 2019 –Officials of Wexford Lodging Advisors, a leading hotel asset management and investment firm, and Trinity Private Equity Group, one of the nation’s top alternative asset management firms, today announced the acquisition of the 138-suite DoubleTree Suites by Hilton Hotel Nashville Airport. The joint venture will invest approximately $2.5 million to upgrade the property with a targeted completion date of year’s end 2019. HVMG will continue to operate the hotel.
“Nashville remains one of the strongest and fastest-growing markets in the nation for hotel demand, and we believe the fundamentals are there for continued growth,” said John Rosen, president, Wexford Lodging Advisors. “We acquired the recently-renovated hotel at a significant discount to replacement cost. We believe the additional improvements, which will expand the property’s meeting space and upgrade the hotel’s courtyard pool area with fire pits and new landscaping, will further enhance the guest experience. And we are looking forward to bringing to bear the power of Wexford’s asset management platform to drive additional value at the property.”
Located at 2424 Atrium Way in Nashville, the 3-story all-suite hotel is two miles from Nashville International Airport and convenient to such local attractions as the Grand Ole Opry and the Country Music Hall of Fame. Hotel amenities include a 24-hour business center, fitness room, swimming pool and 2,600 square feet of existing meeting space. The hotel also offers around-the-clock, complimentary shuttle service to and from the airport.
“We look forward to additional joint venture opportunities with best-in-class partners such as Trinity Private Equity Group,” Rosen noted.