Noble Investment Group has acquired the Holiday Inn Express hotel on Broadway for $81.76 million, marking a significant loss for seller Highland Capital Management who purchased it in 2019 for $117.5 million.
According to the Nashville Business Journal, this transaction was accompanied by a $79.8 million loan from Western Alliance Bank based in Arizona. The sale price of this 287-room hotel equates to approximately $284,885 per unit and ranks among one of the largest hotels in Nashville.
This is not Noble Investment Group’s first venture into the hospitality scene in Nashville as they also purchased downtown’s Hyatt House hotel last year for $57.83 million and secured financing to develop an Element hotel within OneCity Development back in 2019.
In recent times, there have been several changes of ownership among hotels in Nashville including New York City-based Dreamscape Cos.’ purchase of historic Holston House Hotel for $60.1 million and Dolly Parton’s acquisition of downtown’s 211 Commerce office building with plans to convert it into a new hotel development.
