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The seller, a Wharton equity company, acquired the property in early 2017 in an off-market transaction from the original developer and thereafter undertook significant renovations at the property that produced dividends.
The portfolio consists of 461 rooms and will be managed by RHG. With the acquisition of the portfolio, Real Hospitality Group increases its portfolio of owned and managed assets to 105 hotels in 16 states.
The properties, which are approximately 40 miles north of Nashville, are: Heritage Point, Blue Grass Meadows, Parkway Place, Cobblestone, Newton Place, Whitehall Townhomes and Whispering Hills.
Darby, the president and CEO of The Beach Co., a full-service real estate brokerage, development, management and construction services business, says office tenants are looking for space that is fully-equipped and with all the amenities that will keep their respective workforces productive and happy.