NASHVILLE, TN— The 287-room Holiday Inn Express in downtown Nashville, TN, has been sold for $39.3 million by Montclair Hotel Investors, which believes the $137,000 price per key may be highest price per key ever attained in the sale of a Holiday Inn Express. Acquiring the property was Birchmont Capital Advisors, which will maintain the Holiday Inn Express flag. Montclair originally bought the former Ramada Inn in partnership with Oaktree Capital in November of 2002 for $8.4 million. They subsequently renovated the asset at a cost of $6.4 million.
