NEW YORK—Carey Watermark Investors (CWI) announced that it has acquired Hutton Hotel, a four-star, luxury lifestyle boutique hotel in downtown Nashville. The 247-room hotel opened in 2009.
CWI’s total investment in the property is approximately $77.3 million, including a $73.6 million purchase price and $3.7 million of planned capital improvements and other acquisition–related costs. The hotel will continue to be managed by Amerimar Enterprises.
Hotel amenities include the 1808 Bar and Grille, a three-meal restaurant and bar, over 13,600 square feet of meeting space, a gift shop, and concierge services. In addition, the hotel offers eco-friendly features and pet-friendly programs. The property is affiliated with Leading Hotels of the World (LHW), which provides marketing, reservations, and related services
Commenting on the investment, Michael Medzigian, chief executive officer of CWI, said, “The Hutton Hotel represented the opportunity to acquire a premium quality hotel in one of the nation’s top-25 hotel markets with strong in-place cashflow and the potential for appreciation. Given the opening of the new convention center and other existing attractions, the Nashville hotel market is expected to continue its strong positive trend. As a luxury property in a growing and diverse market, we feel it is an attractive addition to CWI’s portfolio, consistent with our goal of generating strong cash flow and future value for our investors.”