September 28, 2023

Just Moments

Travel Groove

Downtown hotel sells for $40M | Development

Downtown’s Fairlane Hotel has offered for $40 million, with one particular of the new proprietors a London enterprise earning its preliminary acquire in downtown Nashville.

In accordance to a Davidson County Sign up of Deeds document, the vendor of the 13-story setting up, with an address of 401 Union St., was an LLC affiliated with Nashville-primarily based Oliver Hospitality. The LLC paid $1.02 million for the building in 2011 and converted it to the boutique lodge.

Screen Shot 2022-06-29 at 12.22.01 PM.png

The new co-proprietor of each the creating and the lodge business enterprise is a partnership that consists of London-based mostly Cedar Funds Partners. That company, teaming with traders, a short while ago acquired each Robert Redford’s Sundance Mountain Vacation resort and Shelborne South Seaside Lodge in Miami.

In addition, Dallas-dependent Westdale Genuine Estate Financial investment and Administration teamed with Cedar Money to acquire Fairlane and is the the greater part proprietor. Of take note, Westdale also owns The Players Club of Brentwood, a back garden-fashion apartment sophisticated found in South Davidson County. This seemingly is Westdale’s initial lodge acquisition, in accordance to the corporation site. Westdale officers could not be arrived at for remark.

Relatedly, Westdale has landed a loan for $24.45 million from New York-dependent Profit Road Associates.

The modernist Fairlane Resort framework, bathed in travertine stone, previously served as an workplace making and was as soon as Nashville headquarters of the now defunct Fidelity Federal Savings & Financial loan.

Opened in early 2018, Fairlane Lodge features 81 rooms. As these kinds of, the deal is the equivalent of about $490,000 per home, which is about average when compared to the figures of related recent revenue.

Oliver Hospitality will continue on to control the hotel business, according to the organization.

The New York workplace of Cushman & Wakefield facilitated the transaction, a launch notes.