Ocean Properties Acquires Bobby Nashville Hotel From Castlerock Asset Management For $50 Million

The transaction involves the Bobby Nashville Hotel, located at 230 4th Avenue North, Nashville, TN. This asset has a total of 144 keys and has been acquired for a sale price of $50 million, which equates to a per key price of $347,222. The hotel was previously valued at $72 million during an earlier transaction.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $50,000,000
• Buyer: Ocean Properties
• Seller: Castlerock Asset Management
• Keys: 144
• PPK: $347,222

This transaction was facilitated by the buyer, Ocean Properties, acquiring the property from the seller, Castlerock Asset Management. The previous valuation of the property highlights the changes that have occurred in the market context of the asset.