Noble Buys Discounted Nashville Hotel
Noble Investment Group bought the Holiday Inn Express hotel in Nashville for $81.76 million; a significant loss for the seller, Highland Capital Management, who paid $117.5 million for it in 2019.
The Nashville Business Journal reports the transaction was accompanied by a $79.8 million loan from Arizona-based Western Alliance Bank. With 287 rooms, the sale price is equivalent to $284,885 per unit. The Holiday Inn Express Downtown Nashville, located at 920 Broadway, ranks among the largest hotels in the city.
Noble Investment group is not new to the Nashville hospitality scene. The Atlanta firm bought downtown’s Hyatt House hotel in 2020 for $57.83 million and secured financing in 2019 to develop an Element hotel within the OneCity Development.
A number of Nashville hotels have exchanged hands of late. New York City-based Dreamscape Cos. recently paid $60.1 million for the historic Holston House hotel. Dolly Parton and her Dollywood company bought downtown’s 211 Commerce office building and is planning to convert it into a hotel.
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