NASHVILLE, TN—Capstone Development, LLC has acquired the 157-room Hampton Inn & Suites Nashville/Vanderbilt and the 169-room Hampton Inn Nashville/Vanderbilt from a private developer and investor.
The hotels will continue to be operated by Chartwell Hospitality.
The Hampton Inn & Suites Nashville/Vanderbilt is located at 2330 Elliston Place and the Hampton Inn Nashville/Vanderbilt is located at 1919 West End Ave. Both properties are walking distance from the Vanderbilt University campus and are 1.5 miles from downtown Nashville
The hotels were recently renovated and, over the next several months, Capstone will be completing additional enhancements to improve the guest experience and maintain the hotels’ competitive position among the top 10% of all properties in Nashville, according to the company.
“This transaction represents an outstanding opportunity to acquire two high-quality, premium-branded hotels in a strong market with multiple sources of lodging demand,” stated Norman Jenkins, president of Capstone Development. “We have been interested in entering the Nashville market for some time.”
Darren Linnartz, managing partner of Capstone Development, added, “The two Hampton Inn properties are outstanding additions to our portfolio and fit well with our core-plus investment strategy of acquiring well-located hotel properties with stable operating cash flows that also offer the potential for us to build future value.”
The Nashville properties mark Capstone’s third acquisition in the past 12 months. It previously acquired the Residence Inn Birmingham Downtown at UAB and the SpringHill Suites Pittsburgh Bakery Square. Capstone also recently completed the co-development of the 1,175-room Marriott Marquis in Washington, DC, , which opened in May.