The Newly Constructed Hotel Signifies the Second Hospitality-Centric Transaction for Dreamscape in Nashville This Year
NASHVILLE, Tenn., Dec. 13, 2021 /PRNewswire/ -- A joint-venture between affiliates of Dreamscape Companies and Meritage Group LP completed the acquisition of the Nashville Holiday Inn & Suites Downtown, a newly constructed hotel situated in the heart of Downtown Nashville in the city's vibrant SoBro (South of Broadway) neighborhood. This purchase marks Dreamscape's second hospitality transaction in the city in 2021, having acquired The Sheraton Grand Nashville Downtown in June. The purchase of this 230-room hotel underscores Dreamscape's commitment to expanding its presence in the Nashville market, as well as identifying prime growth opportunities in key regional areas across the country.
This purchase marks Dreamscape's second hospitality transaction in the city in 2021, having acquired The Sheraton Grand
Aimbridge Hospitality will oversee and manage operations at the Nashville Holiday Inn & Suites Downtown and is working hand-in-hand with the hotel's staff to ensure a seamless transition.
"We are very pleased to be partnering with Meritage on this exciting deal," said Eric Birnbaum, Founder and CEO of Dreamscape Companies. "Nashville has long signified an area of keen interest for us, and after entering the market earlier this year with the purchase of The Sheraton Grand Nashville Downtown, we immediately knew that we wanted to expand our footprint in this booming city, which continues to attract tourists from all over the country as well as across the globe."
"We are thrilled to be expanding our presence in Nashville given the strong market fundamentals." said Scott Broder, President of Dreamscape Hospitality. "This transaction marks Dreamscape's fifth acquisition in the last year and fits squarely into our thesis to acquire assets in high-growth markets at an attractive basis."
The Nashville Holiday Inn & Suites Downtown, located at 415 4th Avenue South, has been outfitted with 230 rooms and 8,700 square feet of first-class meeting space, making it an ideal establishment for leisure and business travelers alike. The property, which opened its doors just two years ago, also includes the street front cocktail bar and restaurant, 4th and Peabody, which is preparing to undergo a thoughtful renovation, as well as an on-site parking garage. In addition to reimagining the hotel's dining concept, Dreamscape is also planning to integrate additional retail concepts within the property's expansive lobby.
"We are pleased to partner with Dreamscape to acquire another leisure-oriented, new construction hospitality asset in a dynamic growth market." said Jared Halperin, a Managing Director at Meritage who leads the firm's real estate strategy. "This is a continuation of Meritage's broader commitment to investing in downtown Nashville, which began in 2017, and this marks our fifth investment in Nashville of strategically located, urban-core assets."
Located just a short walk from the city's ever-bustling and widely trafficked Broadway strip, the Nashville Holiday Inn & Suites Downtown places visitors in close proximity to Bridgestone Arena; Music City Center, the city's convention center; and other iconic institutions and landmarks. Additionally, those craving the best Nashville has to offer will delight in knowing that the hotel is situated just across the street from Nashville's famous barbeque restaurant, Martin's BBQ Joint.
Dreamscape's mission is to create long-term financial prosperity through a diversified portfolio of differentiated, forward-thinking real estate projects. Led by Founder and CEO Eric Birnbaum, Dreamscape owns and operates residential, retail, hospitality, entertainment and gaming properties, (re)developing experience-centered spaces that focus on maximizing each property's intrinsic value. For more information, please visit www.dreamscapecos.com.
About Meritage Group LP
Meritage is a fundamentally-oriented investment firm with assets under management in excess of $11 billion as of December 31, 2020. Meritage invests in public and private equity, credit and real estate. The firm has approximately 50 employees in offices located in Greenwich, New York City, and San Francisco.
About Aimbridge Hospitality
Aimbridge Hospitality is a leading, global hospitality company offering best in class hotel management services across a broad spectrum of franchised branded full service, select service, luxury hotels, destination resorts, convention centers, and lifestyle hotels. Aimbridge's premium portfolio represents over 1,550 properties in 49 states and 21 countries, inclusive of pipeline. As the world's largest third-party operator, Aimbridge is dedicated to its mission to leverage its scale to add value for owners and opportunities for associates better than any hospitality operator. Aligned with a concentrated focus, agility, and expertise for each vertical or hotel product category, Aimbridge drives market success for hotels and optimizes investment returns for owners. Aimbridge Hospitality is based in Plano, Texas, with additional corporate offices in Atlanta, Calgary, Fargo, Puerto Rico, Toronto, and Washington D.C. Evolution Hospitality, Aimbridge's Lifestyle Division, is based in San Clemente, Calif. Aimbridge's International Division, Interstate Hotels & Resorts, has supporting offices across Europe in Amsterdam, Birmingham, Glasgow, and Moscow. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com and connect with Aimbridge on LinkedIn.
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SOURCE Dreamscape Companies