{"id":1004097102,"date":"2014-05-22T05:49:38","date_gmt":"2014-05-22T13:49:38","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=263726"},"modified":"2022-12-08T12:06:10","modified_gmt":"2022-12-08T20:06:10","slug":"athena-companies-buys-100-key-asset-in-booming-nashville-hotel-market-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/athena-companies-buys-100-key-asset-in-booming-nashville-hotel-market-2\/","title":{"rendered":"Athena Companies Buys 100-Key Asset in Booming Nashville Hotel Market"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<div id=\"attachment_263727\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/MainStay-Suites-Brentwood-Nashville.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-263727\" title=\"MainStay Suites Brentwood Nashville\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/MainStay-Suites-Brentwood-Nashville.jpg\" alt=\"\" width=\"300\" height=\"199\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">MainStay Suites Brentwood\/Nashville<\/p>\n<\/div>\n<p>Hunter Hotel Advisors recently advised on the sale of three MainStay Suites for Choice Hotels International in three secondary US markets: Nashville, Pittsburgh and Greenville, SC. All three hotels were acquired by regional investors, attracted to the extended stay model of prime location hotels. The total purchase price was $12.2 million, although the assets were sold individually. Athena Companies paid $4.6 million for the Nashville property, Shiv Hospitality paid $4.5 million for the Pittsburgh asset, while the Greenville MainStay was picked up for $3.1 million by Paragon Hotel Companies.<\/p>\n<p>\u201cTheir robust interests in these assets reinforce the importance that investors place on strong locations even if they are in secondary markets,\u201d said David Perrin, a senior associate at Hunter Hotel Advisors\u2019 DC office and the broker of the transaction. According to Hunter Hotel Advisors, regional investors are fueling robust activity in secondary markets.<\/p>\n<div id=\"attachment_263729\" class=\"wp-caption alignleft\" style=\"width: 210px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/David-Perrin-Hunter-Hotel-Advisors-2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-263729\" title=\"David Perrin\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/05\/David-Perrin-Hunter-Hotel-Advisors-2.jpg\" alt=\"\" width=\"200\" height=\"300\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">David Perrin<\/p>\n<\/div>\n<p>\u201cDemand for well-located hotels in secondary markets is extremely high.\u201d David Perrin told <em>CPE<\/em>. \u201cInvestors can produce high returns in markets other than New York and San\u00a0Francisco,\u00a0as long as the hotels are well positioned within the\u00a0particular sub-market and they keep the property updated to compete with new supply.\u201d<\/p>\n<p>The new owners of the three recently sold properties are following this trend, planning full renovations to all rooms and public areas in order to upgrade the hotels to current Mainstay standards, which include a fully equipped kitchen, flat panel TVs and free high-speed internet.<\/p>\n<p>The Nashville property currently features amenities such as a pool, fitness room and continental breakfast.\u00a0The hotel, operating as MainStay Suites Brentwood\/Nashville, comprises 100 keys.<\/p>\n<p>According to David Perrin, Nashville is a prime example of a city whose suburbs are benefiting from an influx of investments to the city. \u201cNashville continues to be one of the hottest hospitality markets in the country,\u201d Perrin told <em>CPE<\/em>. \u201cSome are beginning to worry about the impact the large amount of new supply will have, but with the new convention center, a heavy focus on the Healthcare industry, and a strong University system, Nashville should not have a problem absorbing the new rooms coming into the market,&#8221; he added.<\/p>\n<p><em>Images courtesy of Hunter Hotel Advisors and Ben Rose Photography<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hunter Hotel Advisors recently advised on the sale of three MainStay Suites for Choice Hotels International in three secondary US markets: Nashville, Pittsburgh and Greenville, SC.<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36077,21742],"tags":[1815],"class_list":["post-1004097102","post","type-post","status-publish","format-standard","hentry","category-nashville-knoxville","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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