Worthington Hyde Partners, an Atlanta based real estate investment firm, is pleased to announce its sale of the historic, 12-story, 192-room Marriott Courtyard in Downtown Nashville to Carey Watermark Investors 2 Incorporated (CWI 2), a New York based non-traded REIT, for an undisclosed sum. Worthington Hyde Partners was represented in the transaction by Hodges Ward Elliott, an Atlanta based real estate brokerage firm specializing in the hospitality industry.
Worthington Hyde Partners has owned the historic hotel located at Church Street and 4th Avenue N, within the Printers Alley Historic District, since its conversion to a Courtyard Hotel by Marriott in 1998. Formerly the First National Bank, built in 1905, the hotel’s reception and the Bistro lobby lounge and restaurant are housed in what was the bank’s “Grand Hall” with 30-foot ceilings, extensive millwork and floor-to-ceiling windows. An integral component of downtown Nashville’s hospitality offerings, the historic hotel is only steps away from Nashville’s famed “honky tonk row” on Broadway and is only a few blocks from the 1.2 million square-foot Music City Convention Center. Prior to the sale, Worthington Hyde Partners completed a $2.9 million renovation that included a full soft and case good replacement in the guestrooms, upgrades to the guest bathrooms and a refresh of the guestroom corridors. This was in addition to a complete lobby renovation that Worthington Hyde Partners completed in 2012.
The Sale of the Courtyard represents a successful conclusion to a long term investment held by Worthington Hyde Partners during a time where Nashville’s hotel market has achieved outstanding results.