{"id":1004107036,"date":"2014-11-06T08:09:39","date_gmt":"2014-11-06T16:09:39","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=304554"},"modified":"2020-05-21T22:56:06","modified_gmt":"2020-05-22T06:56:06","slug":"capstone-development-pays-46m-for-two-nashville-hotels-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/capstone-development-pays-46m-for-two-nashville-hotels-2\/","title":{"rendered":"Capstone Development Pays $46M for Two Nashville Hotels"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<div id=\"attachment_304555\" class=\"wp-caption alignright\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/Hampton-Inn-Nashville-Vanderbilt.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-304555\" title=\"Hampton Inn Nashville\/Vanderbilt\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/Hampton-Inn-Nashville-Vanderbilt.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Hampton Inn Nashville\/Vanderbilt<\/p>\n<\/div>\n<p>Franklin-based Chartwell Hospitality announced the sale of two Nashville hotels. Chartwell, along with two private investors, sold the 169-key Hampton Inn Nashville\/Vanderbilt and the 157-key Hampton Inn &amp; Suites Elliston Place to out of state investors, reported <em><a href=\"https:\/\/www.tennessean.com\/story\/money\/real-estate\/2014\/10\/28\/two-nashville-hampton-inn-hotels-sold\/18089949\/\" rel=\"nofollow\">The Tennessean<\/a><\/em>. Chartwell Hospitality will continue to manage both properties.<\/p>\n<p>The 1919 West End Ave. Hampton Inn Nashville\/Vanderbilt was picked up by an affiliate of Capstone Development LLC for $24 million. The hotel features 864 square feet of meeting space, a business center, fitness center, outdoor pool, guest laundry, high-speed internet and complimentary local shuttle service.<\/p>\n<p>The 157-room Hampton Inn &amp; Suites Elliston Place located at 2330 Elliston Place was purchased by Capstone Development for $22 million, according to <em>The Tennessean<\/em>. Amenities include a fitness center, pool, business center, convenience store, snack shop and 24-hour Pavilion Pantry Market.<\/p>\n<p>Both Hampton Inn Nashville\/Vanderbilt and Hampton Inn &amp; Suites Elliston Place are located just one block from Vanderbilt University and are in close proximity to several other universities, including Belmont, Tennessee State, Fisk and Meharry Medical College. Other nearby attractions include the Country Music Hall of Fame, the Tennessee Titans Football Stadium and downtown Nashville.<\/p>\n<div id=\"attachment_304560\" class=\"wp-caption alignleft\" style=\"width: 310px\"><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/Hampton-inn-Suites-Elliston-Place2.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-304560\" title=\"Hampton Inn &amp; Suites Elliston Place\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2014\/11\/Hampton-inn-Suites-Elliston-Place2.jpg\" alt=\"\" width=\"300\" height=\"225\" \/><\/a><\/p>\n<p class=\"wp-caption-text\">Hampton Inn &amp; Suites Elliston Place<\/p>\n<\/div>\n<p>According to <em>The Tennessean<\/em>, Honolulu-based The Shidler Group and an affiliate have purchased the land the hotels are situated on. The 1919 West End site was sold for $9.33 million, while 2330 Elliston Place was picked up for $8.67 million. Capstone has leased the land from Shidler.<\/p>\n<p>The properties\u2019 new owners were attracted by Nashville\u2019s dynamic hospitality market. According to <em><a href=\"https:\/\/www.marcusmillichap.com\/-\/media\/files\/research\/research%20reports\/regional%20hospitality\/2014\/midyear\/south%20central%20midyear.pdf\">Marcus &amp; Millichap<\/a><\/em>, Nashville is the top performer among the 25 largest U.S. markets. The first half of 2014 brought a 19.5 percent RevPAR growth, significantly higher than the 13 percent state level growth. Nashville boasted an $83.75 percent Revpar at midyear.<\/p>\n<p><em><a title=\"Market Snapshot: Nashville\u2019s Booming Economy Spurs Rent Growth Across All Market Sectors, Continues to Attract Out-of-State Investors\" href=\"https:\/\/www.multihousingnews.com\/market-data\/market-snapshot-nashvilles-booming-economy-spurs-rent-growth-across-all-market-sectors-continues-to-attract-out-of-state-investors\/1004108162.html\" rel=\"nofollow\" >Click here<\/a> for further Nashville market data<\/em><\/p>\n<p><em>Images courtesy of Chartwell Hospitality<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Franklin-based Chartwell Hospitality announced the sale of two Nashville hotels. Chartwell, along with two private investors sold the 169-key Hampton Inn Nashville\/Vanderbilt and the 157-key Hampton Inn &amp; Suites Elliston place to out of state investors<\/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":[],"class_list":["post-1004107036","post","type-post","status-publish","format-standard","hentry","category-nashville-knoxville","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Capstone Development Pays $46M for Two Nashville Hotels - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/capstone-development-pays-46m-for-two-nashville-hotels-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Capstone Development Pays $46M for Two Nashville Hotels\" \/>\n<meta property=\"og:description\" content=\"Franklin-based Chartwell Hospitality announced the sale of two Nashville hotels. 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