Landmark Sale of Award-Winning Development and Hotel Site Completes Successful Joint Venture
The sale of the award-winning development and hotel site in Nashville, Tennessee, has been completed in a landmark deal involving Starwood Capital Group, Crescent Real Estate LLC, and High Street Real Estate Partners. The 1 Hotel and Embassy Suites in Nashville were sold to Host Hotels and Resorts, a prominent lodging real estate investment trust. The terms of the transaction were not disclosed.
The 1 Hotel and Embassy Suites, opened in 2022, have quickly become one of the top-performing hotel developments in Nashville. The dual-branded property features an 18-story eco-conscious luxury lifestyle hotel by Starwood Capital and a 30-story Embassy Suites by Hilton tower. With a total of 721 rooms and over 26,000 square feet of meeting space, the development offers top-notch amenities such as a holistic spa, rooftop bar, swimming pool, and event spaces.
Recognized for its innovative design and sustainability efforts, the Nashville 1 Hotel and Embassy Suites received the 2022 Development of the Year award at the Americas Lodging Investment Summit. The sale of this property marks a successful joint venture between the three real estate firms, creating significant returns for investors.
Barry Sternlicht, Chairman and CEO of Starwood Capital, expressed confidence in Host Hotels and Resorts as the new steward of the property, emphasizing their commitment to luxury guest experiences. Jason Anderson, Co-CEO at Crescent, highlighted the success of the joint venture in developing a premier destination in Nashville’s hospitality economy.
The sale of this landmark property signifies a successful collaboration between industry leaders in the real estate and hospitality sectors. The transaction underscores the strength of the hospitality platform and the commitment to delivering exceptional guest experiences in the vibrant city of Nashville.
