Moody National Reit II unloaded the Embassy Suites Nashville at Vanderbilt for $57.5 million, a drop in value from the REIT’s payment for it ten years earlier. The buyer, Reade Hotel Capital, obtained a $45.36 million acquisition loan from Mesa West Capital to close the deal.
The Nashville Business Journal reports Moody paid $66.3 million for the Embassy Suites in June 2015.
With 208 rooms, the recent transaction is equivalent to around $276,442 per room and marks a more than 13% loss for the seller.
According to its website, Reade Hotel Capital is a hotel investment company that targets the acquisition of first-class assets across the country. The firm owns two hotels in New York, as well as one in New Orleans.
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