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Ocean Properties Acquires Bobby Nashville Hotel From Castlerock Asset Management For $50 Million
SOLD
$50,000,000
Tennessee
See Similar DealsHotel
Sold 12/05/2025
SOLD
Ocean Properties Acquires Bobby Nashville Hotel From Castlerock Asset Management For $50 Million
230 4th Avenue North
See Similar DealsHotel
Sold 12/05/2025
Summary
TENNESSEE
Asset Type:Hotel
Transaction Type:Sale
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.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,666,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$177,639.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$237,025.51
Annual Debt Service$2,844,306.11
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