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Creative Development Partners Acquires Red Lion Inn & Suites Near Nashville International Airport For $12.05M
SOLD
$12,050,000
Tennessee
See Similar DealsHotel60,000 SF
Sold 06/28/2023
SOLD
Creative Development Partners Acquires Red Lion Inn & Suites Near Nashville International Airport For $12.05M
2425 Atrium Way Nashville, Tennessee 37214, USA
See Similar DealsHotel60,000 SF
Sold 06/28/2023
Summary
TENNESSEE
Asset Type:Hotel
Price Per Square Foot:$200
Total Square Footage:60,000 SF
Transaction Type:Sale
The Red Lion Inn & Suites near Nashville International Airport has been acquired by Creative Development Partners, led by Brad Bars and Ryan Hooper, for $12.05 million. The hotel, located at 2425 Atrium Way in Nashville, TN, spans an area of 60,000 square feet with a price per square foot of $201.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $12,050,000
- Square Footage: 60,000
- Price per Square Foot: $201
- Address: 2425 Atrium Way, Nashville, TN
- Market: Nashville, TN
In this transaction, Creative Development Partners, represented by Brad Bars and Ryan Hooper, purchased the Red Lion Inn & Suites from Focus Hospitality III LLC.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$642,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$42,811.10
Cash-on-Cash Return-1.27%
Monthly Debt Service$57,123.15
Annual Debt Service$685,477.77
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