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