Downtown hotel sells for $40M | Development

Downtown’s Fairlane Hotel has bought for $40 million, with a single of the new house owners a London corporation making its first order in downtown Nashville.

In accordance to a Davidson County Sign-up of Deeds document, the vendor of the 13-tale making, with an handle of 401 Union St., was an LLC affiliated with Nashville-dependent Oliver Hospitality. The LLC compensated $1.02 million for the setting up in 2011 and converted it to the boutique resort.







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The new co-operator of both of those the setting up and the hotel organization is a partnership that features London-based mostly Cedar Cash Companions. That company, teaming with traders, recently obtained equally Robert Redford’s Sundance Mountain Resort and Shelborne South Beach front Resort in Miami.

In addition, Dallas-dependent Westdale Real Estate Financial commitment and Management teamed with Cedar Money to buy Fairlane and is the the vast majority proprietor. Of note, Westdale also owns The Players Club of Brentwood, a garden-model condominium sophisticated located in South Davidson County. This seemingly is Westdale’s 1st lodge acquisition, according to the organization web page. Westdale officers could not be achieved for comment.

Relatedly, Westdale has landed a financial loan for $24.45 million from New York-based Advantage Avenue Partners.

The modernist Fairlane Resort composition, bathed in travertine stone, beforehand served as an workplace developing and was after Nashville headquarters of the now defunct Fidelity Federal Personal savings & Personal loan.

Opened in early 2018, Fairlane Lodge offers 81 rooms. As these, the offer is the equivalent of about $490,000 for every room, which is about typical in comparison to the figures of identical recent revenue.

Oliver Hospitality will continue to handle the lodge business, according to the business.

The New York office of Cushman & Wakefield facilitated the transaction, a release notes.