NASHVILLE—The Franklin Marriott Cool Springs has traded hands. HFF represented the seller, which it did not disclose. However, the Tennessean earlier in July reported that Dallas-based Crow Holdings had a contract to buy the hotel. Financial terms of the deal were not released.
HFF senior managing director and head of HFF's Hotel Group Daniel C. Peek, director KC Patel, and associate director Cyrus Vazifdar led the deal. Franklin Marriott Cool Springs is a 300-room full-service hotel, located in Franklin, TN.
“Nashville's lodging market continues to thrive, and we expect this trend to continue with the opening of the Music City Center and further strengthening of Nashville's economy,” Patel tells GlobeSt.com. “Franklin, Tennessee, is one of the country's strongest and most dynamic corporate submarkets and continues to grow with several major demand-inducing developments underway. This has attracted interest from many of our industries most well-respected investors, including this transaction.”
Located in the heart of the Cool Springs office district at 700 Cool Springs Boulevard, the hotel opened in 1999 under the Marriott brand. It underwent extensive renovations in 2007 and 2012. The hotel offers three dining venues, a fitness center, business center, indoor pool, and three concierge floors. The hotel is connected to the Cool Springs Conference Center, which has 30,000 square feet of meeting space.
“The interest in higher quality, full-service lodging product has been tremendous recently,” Peek says. “We were fortunate to attract interest from numerous institutional investment firms who viewed the Marriott Cool Springs as an opportunity to enter a historically strong lodging market via Franklin's top hotel asset.”
According to the Tennessean, the 337-room DoubleTree by Hilton sold in July for nearly $70 million. At that time, the paper also reported the Hampton Inn & Suites Nashville Downtown was under contract for $300,00 a key.
Smith Travel Research (STR) reports Nashville sold more than 640,000 rooms in March 2014, breaking October 2013's record for highest number of rooms sold in one month in the city's history. Among the Top 25 Markets for March, Nashville had the second largest increases in rooms sold, Average Daily Rate (ADR), Revenue per Available Room (RevPAR) and hotel revenue. Nashville was in the top five for occupancy growth.
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