Among
the noteworthy deals of the past week was Moody National REIT II’s sale of the
Embassy Suites Nashville at Vanderbilt in Tennessee to Reade Hotel Capital
$57.5 million.
NASHVILLE —
Houston-based Moody National REIT II sold the 208-key Embassy Suites Nashville
at Vanderbilt in Tennessee to New York City-based Reade Hotel Capital for $57.5
million.
According to
the Nashville Business Journal, the sales price reflects a drop in value from
the REIT’s acquisition of it 10 years earlier. Reade Hotel Capital obtained a
$45.36 million acquisition loan from Mesa West Capital as part of the deal.
Moody paid
$66.3 million for the hotel in June 2015. The transaction is equivalent to
around $276,442 per room and marks a more than 13% loss for the seller.
To download
our list of deals from the past week in Excel format, click here.