Among
the noteworthy deals of the past week was Ocean Properties’ acquisition of the
Bobby Nashville hotel in Nashville for $50 million.
NASHVILLE, Tennessee — Delray Beach, Florida-based Ocean Properties acquired the 144-key Bobby Nashville Hotel in Nashville for $50 million from Nashville-based Music City Venture GP.
Nashville-based Castlerock Asset Management originally developed the hotel, which opened in 2018. In September, Castlerock sold its affiliated equity ownership in the hotel, along with another owner, to Music City Ventures. The two sellers represented
50% equity of the asset’s value in a transaction valued at $72 million. That deal made Music City Ventures the sole owner of the asset.
Ocean Properties has nearly 80 hotels in its portfolio, located mainly in Florida and in the Northeastern U.S. This is the company’s first hotel in Nashville.
To download our list of deals from the past week in Excel format, click here.
Deals of the Week is a weekly feature by Hotel Investment Today that publishes in our Friday newsletter. Click here for previous deal compilations from earlier weeks.