Carey Watermark Acquires Nashville's Hutton Hotel
Thursday May 30th, 2013 - 9:33AM E
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CHICAGO—Carey Watermark Investors Incorporated has acquired the Hutton Hotel, a four-star, luxury lifestyle boutique hotel in downtown Nashville.
CWI’s total investment in the 247-room property, which opened in 2009, is approximately $77.3 million, including a $73.6 million purchase price and $3.7 million of planned capital improvements and other acquisition–related costs. The hotel will continue to be managed by Amerimar Enterprises, Inc.
Hutton Hotel is located at 1808 West End Avenue in the West End neighborhood of Nashville, in close proximity to major demand generators such as Music Row, Vanderbilt University, the Grand Ole Opry, the Country Music Hall of Fame and the new 1.2 million square foot Music City Convention Center as well as a broad range of corporate users. Amenities include the 1808 Bar & Grille, an award winning three-meal restaurant and bar, over 13,600 square feet of meeting space, a gift shop and concierge services. In addition, the hotel offers eco-friendly features and pet-friendly programs.
Tags: • Hospitality • Acquisitions •
For the past few years, the talk of The Lodging Conference in Phoenix had been focused on the economic recovery, solid industry projections and “cautious optimism.” With the word cautious no longer necessary, the economic outlook took a backseat this year to the seemingly unending parade of new lifestyle brands.