The hotel was marketed as part of an urban, two-building, mixed-use high-rise that also includes retail, office space and private apartments. A private investment group, TN Nashville LLC, acquired the historic former bank office complex for $14.4 million.
Teague Hunter (middle right photo), president, and Brown Kessler (lower left photo), executive vice president, brokered the transaction.
“This was an extremely complex transaction, with lots of moving parts that had to come together,” Hunter said.
“First, the property was in bankruptcy, and Hunter Realty was brought in by the trustee because of Brown’s in-depth experience with IHG brands and Hunter Realty’s record of success with both troubled and cash-flowing hotels. We’ve worked with many lenders and all of the special servicers on distressed hotels over the past four years.
“Second, the property was a mixed-used, urban re-development of two bank buildings. In addition to the 97-room Hotel Indigo, the classic two-building complex included 18 luxury apartments on the top three floors and 44,000 square feet of office space, as well as a leased Starbucks on the ground floor,” he said.
“The complexity of the property translated into several issues for which we were able to provide in-depth counsel, ranging from office space encumbered by a below-market lease to lack of hotel-owned parking. Third, the hotel had been operating under IHG’s Hotel Indigo brand for less than a year and was still ramping up, so the project was sold on upside potential.
“One of the major advantages we brought to the table, literally, was a seasoned former IHG executive, Brown Kessler, who joined our firm a year ago after serving for 16 years as IHG vice president of franchise development.
Located at 301 Union Street in the heart of downtown Nashville, the two adjacent former bank office buildings, 14 and 15 stories high, built in 1909 and 1926, are minutes from the State Capitol, County Courthouse, Ryman Auditorium and Printer’s Alley and major businesses.
Additional information, including current listings, is available at the company’s website, http://www.hunterhotels.net/, or by contacting the Atlanta office at 770-916-0300.
Contacts:
Jerry Daly or Carol McCune (media)
(703) 435-6293
Patrick Daly
Account Supervisor
Daly Gray, Inc.
Office: (703) 435-6293
Cell: (703) 300-8289
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