Broadwest hotel space sells for $119M | Development
(Editor’s observe: This write-up has been updated to mirror the profits selling price.)
Propst Enhancement and Chartwell Hospitality on Monday introduced the sale of the Broadwest principal tower element to offer you the 234-area Hilton Conrad resort.
The selling price, in accordance to a Davidson County Sign-up of Deeds doc, was $119 million.
At 234 visitor rooms for the lodge, the transaction is the equal of per about $508,000 for each place.
The new owner is New York City-primarily based real estate non-public fairness organization Northwood Buyers, which expenditures by itself as taking care of inns around the world and with additional than $8 billion of trader money.
Toronto-dependent RBC Genuine Estate Capital Partners has presented Northwood a personal loan of about $114 million, a independent document notes.
Broadwest is billed as a $540 million mixed-use advancement with multiple structures providing a collective 1.3 million sq. feet. A single tower gives 630,000 square ft of Course A office environment space, although the 2nd higher-increase attributes 196 luxury condominiums and the Conrad Hotel, the latter of which will open up by month’s conclusion.
“Our objective for Broadwest was to develop a residence that all Nashvillians are very pleased of, and we imagine the Conrad raises the bar as 1 of the most luxurious lodge properties in The usa,” Bill Propst, Propst Companies president, claimed in the launch. “Projects like this … deliver new economic stimulus and prospects to area citizens and enterprises. The Conrad Nashville on your own will make use of additional than 200 individuals.”
By means of its Northwood Hospitality LLC, Northwood owns and operates Aloft Charlotte Ballantyne in Charlotte, The London West Hollywood at Beverly Hills and The Darcy in Washington, D.C., amid others.
Javier Rosenberg, president of Northwood Hospitality, claimed Nashville is “rapidly becoming one of the major destinations in the state for leisure and company vacation together with conferences and functions.
“The Conrad Nashville is set to inspire and redefine the luxury resort landscape, giving some of the finest accommodation and experiences the industry has to offer you,” he extra.
Rob Schaedle serves as founder and president of Franklin-dependent Chartwell Hospitality.