March 17, 2016
MR Hotels LLC has sold the 154-room Hampton Inn & Suites Nashville-Downtown to LCP Group LP of New York and SEDCO Capital, which is based in Saudi Arabia for $57.8 million, which, according to local media reports, is a record sales price for limited-service hotels in the area.
The reports also said that the new owners are planning upgrades, renovations and a 50-room addition to the property at 320 4th Ave. South.
“Rates that hotel rooms are commanding, coupled with a high demand for hospitality properties, have made Nashville one of the top hospitality markets in the country,” said Georgia Krewson, associate director of Marcus & Millichap’s National Hospitality Group (NHG).
Krewson, along with Wes Tiner, a senior director of the NHG, associates Scott Franco, Zach Moore and Kelley Deibler, represented the seller.