Reade Hotel Capital recently purchased Embassy Suites Nashville at Vanderbilt for $57.5 million, according to the Nashville Business Journal. This price is nearly $9 million lower than its sale price ten years ago.
The hotel, situated on 1.25 acres at 1811 Broadway, is owned by investment trust Moody National Reit II Inc.
In June of 2015, Moody National Reit II acquired the Embassy Suites for a total of $66.3 million. The current deal includes all 208 rooms and equates to approximately $276,442 per room.
On their official website, Reade Hotel Capital identifies as a hotel investment company that focuses on acquiring top-quality assets throughout the country. They currently own two hotels in New York and one in New Orleans.
Last year’s major sales included Downtown’s iconic properties: Host Hotels & Resorts Inc.’s purchase of both the luxurious 1 Hotel and Embassy Suites for an impressive sum totaling up to $530 million.
