Wright Investment Properties, Inc. acquires the Doubletree Hotel Nashville in a joint venture with AEW Capital Management
February 7, 2007 – Cordova, TN. Wright Investment Properties, a hotel ownership and development company based in Cordova, TN has acquired the 337-room Doubletree Hotel located in downtown Nashville in a joint venture with AEW Capital Management out of Boston, Massachusetts. The hotel will remain a Doubletree Hotel but will undergo an extensive renovation. Hospitality Management Advisors, Inc. will manage the property.
Situated in Nashville’s Historic District, the 9-story building located at 315 Fourth Street, is situated near several major corporate, government and leisure demand generators. In addition to 337 oversized guestrooms, seven of which are suites, the hotel features 22,000 square feet of flexible meeting space, a restaurant, lounge, a Starbuck’s Café and shares a 204 space underground parking garage shared with the Bank of America Plaza.
Wright and AEW Capital Management will infuse more than $4,000,000 in renovations and upgrades to reposition the property as an upscale business hotel serving both the corporate and groups market. The transformational renovation will ultimately encompass nearly every facet of the property with exterior upgrades as well as a full lobby and a guest room overhaul.
"Nashville is a vital city that is home to a number of Fortune 500 and Fortune 1000 companies and many of these businesses are located within walking distance of the hotel and serve as major accounts for the hotel. Thanks to very forward thinking city developers, the downtown area is thriving with more than $1.2 billion invested in infrastructure projects in the last five years. In addition, the hotel will benefit significantly from tourism and conventions since many of the venues are within walking distance to the Doubletree Hotel Nashville. This should pave the way for significant and sustainable future growth", commented Larry Wright, President and founder of Wright Investment Properties, Inc.
Wright Investment Properties is a leading privately held national hotel development company that is consistently recognized as one of the top 35 hotel management companies in the United States by Hotel Business Magazine. Wright’s development focus is on primary and secondary markets with premium brands, both full service and select service hotels. For more information on the company visit their website at www.wrightinvestments.com.
Hospitality Management Advisors, Inc is one of the premier hotel management companies in the United States. The company works with private ownership groups as well as some of the largest public REIT’s in the United States and has a proven long-standing reputation for performance-driven results through excellent operating and asset management standards. Hospitality Management Advisors operates hotels in more than nine states with a wide range of franchises including Marriott, Hilton, Carlson Hotels, Intercontinental Hotels Group and others. Hospitality Management Advisors is headquartered in Cordova, TN, a suburb of Memphis. For more information about Hospitality Management Advisors, visit the company’s website at www.wrightinvestments.com
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