Noble Investment Group bought the 287-room Holiday Inn Express Nashville Downtown for $116 million.
In a news release, the company cited the property's location as being highly desirable. The hotel is located on Broadway in the city's entertainment district and near hundreds of live music venues, bars and restaurants. It's also close to the Music City Center and Bridgestone Arena.
"The Nashville market remains among the most dynamic growth markets in the country, with a highly diversified demand base across multiple segments," said Noble Vice President Dustin Fisher.
CoStar data shows Noble closed the deal on Dec. 5, 2023, paying $116 million or $404,181 per key. The seller was NexPoint Asset Management. Highland Capital Management bought the hotel in 2019 for $117.5 million from JRK Property Holdings, but Highland Capital has since gone through bankruptcy.
The hotel has changed hands two other times since 2000. It sold for $39.3 million in 2007 and for $8.4 million in 2002.
The hotel was built in 1968 and renovated in 2019. It has 10,000 square feet of meeting space.
Atlanta-based Noble closed its newest fund, Noble Hospitality Fund V, last week with $1 billion of equity. The fund targets value-added investments in select-service and extended-stay hotels.
(This story was updated on Jan. 17 to correct the identity of the seller in this deal in the fourth paragraph.)