Geolo Capital JV Acquires Nashville Hotel
The company has teamed up with BentallGreenOak and Flank Management to purchase the 250-key Hutton Hotel in the city’s Midtown area.
Three investment companies have teamed up to purchase a hotel in Nashville, Tenn., amidst the current market conditions caused by the COVID-19 pandemic. The partnership of BentallGreenOak, Flank Management LP and Geolo Capital have purchased Hutton Hotel in an all-cash transaction from an undisclosed seller.
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Nashville’s Hutton Hotel first opened in 2009 and later underwent a full renovation in 2017. The 250-key property offers guestrooms that range from 300 to 480 square feet, as well as three penthouse suites between 1,100 and 4,660 square feet. The four-star, four-diamond hotel’s amenities include a Tesla Model S for guest use, a fitness center, spa treatment suites, two writers studios for writing and recording music, more than 20,000 square feet of event and creative space that includes 13,600 square feet of flexible space and a 5,000-square-foot social club and entertainment venue. Guests can also dine at the hotel’s three restaurants, Mane & Rye Dinerant, Coffee Shop and Analog.
Located at 1808 West End Ave., Hutton Hotel is roughly 2 miles away from downtown Nashville and less than a mile away from the city’s Music Row neighborhood and its musical attractions.
Brad Nichols, principal of development and construction for Geolo, told Commercial Property Executive that the new owners will be finalizing its reopening and improvement strategies over the next couple of weeks.
Confidence in Nashville market
Nichols also told CPE that the three companies have long-standing relationships but the hotel acquisition in Nashville marks their first formal partnership. Geolo has worked with others in the past, including with JW Capital Partners to build a 225-key luxury hotel in Washington, D.C. that recently traded for $120 million.
”We’re all big believers in Nashville in general,” Nichols told CPE. “The economy is strong and diverse, the business climate is friendly, its growth has been organic and tremendous over the past decade and we believe it will be sustained on the other side of current affairs.”
Nichols added that the partnership expects the Nashville market to rebound from the current economy faster than most. In the future, the three companies will be looking at opportunities across markets and asset types but would likely stick to hospitality and multifamily properties with long-term value creation prospects in core markets like Nashville, Nichols told CPE.
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