July 14, 2024

Just Moments

Travel Groove

Broadwest hotel space sells for $119M | Development

(Editor’s note: This posting has been up to date to replicate the sales value.)

Propst Enhancement and Chartwell Hospitality on Monday declared the sale of the Broadwest most important tower component to present the 234-room Hilton Conrad lodge.

The value, in accordance to a Davidson County Sign up of Deeds document, was $119 million.

At 234 visitor rooms for the hotel, the transaction is the equivalent of for each about $508,000 per area.

The new proprietor is New York City-based actual estate private equity business Northwood Buyers, which charges alone as controlling lodges globally and with extra than $8 billion of investor cash.

Toronto-primarily based RBC Authentic Estate Capital Companions has furnished Northwood a financial loan of about $114 million, a individual doc notes.

Broadwest is billed as a $540 million blended-use improvement with several structures featuring a collective 1.3 million square toes. One particular tower features 630,000 square ft of Class A place of work house, whilst the second substantial-increase attributes 196 luxury condominiums and the Conrad Hotel, the latter of which will open up by month’s stop. 

“Our target for Broadwest was to make a home that all Nashvillians are very pleased of, and we think the Conrad raises the bar as a single of the most deluxe lodge qualities in The usa,” Invoice Propst, Propst Companies president, reported in the release. “Projects like this … provide new financial stimulus and opportunities to neighborhood people and corporations. The Conrad Nashville by itself will make use of a lot more than 200 men and women.”

By using 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., among other folks.

Javier Rosenberg, president of Northwood Hospitality, stated Nashville is “speedily getting one of the top rated locations in the place for leisure and company travel alongside with conferences and activities.

“The Conrad Nashville is set to encourage and redefine the luxury hotel landscape, presenting some of the ideal accommodation and activities the marketplace has to give,” he additional.

Rob Schaedle serves as founder and president of Franklin-based Chartwell Hospitality.