Conrad Nashville sold; more transactions

Recent transactions include the sale of the soon-to-open Conrad Nashville to Norwood Investors and RREAF Holdings acquiring two boutique hotels in Amelia Island, FL.

Conrad Nashville developed, then sold
Propst Development and Chartwell Hospitality have finalized the development of the Conrad Nashville hotel, located in the Broadwest city block in Midtown. It is Hilton’s first luxury branded hotel in Nashville and is scheduled to open on June 29. Additionally, the codevelopers have completed the sale of the property to Northwood Investors LLC, an owner and manager of luxury hotels around the world.

“Our goal for Broadwest was to create a property that all Nashvillians are proud of, and we believe the Conrad raises the bar as one of the most luxurious hotel properties in America,” said Bill Propst, chairman, Propst Companies. “Projects like this draw investment into local neighborhoods and bring new economic stimulus and opportunities to local residents and businesses; the Conrad Nashville alone will employ more than 200 people.”

Javier Rosenberg, president, Northwood Hospitality LLC, said, “We are delighted to add the Conrad Nashville to our portfolio. Nashville is quickly becoming one of the top destinations in the country for leisure and corporate travel along with meetings and events. The Conrad Nashville is set to inspire and redefine the luxury hotel landscape, offering some of the best accommodations and experiences the market has to offer.”

The Conrad Nashville is part of Broadwest, a $540-million, 1.3 million-sq.-ft. mixed-use project master developed by Propst Development and consists of 630,000 sq, ft. of Class A office space, 196 luxury condominiums and the Conrad Hotel.

The hotel features 234 guestrooms and suites, 11,000+ sq. ft. of meeting space, a third-level outdoor terrace pool and distinct food and beverage offerings, including locally-sourced Blue Aster restaurant and Thistle and Rye whiskey bar.

RREAF Holdings acquires two hotels in Amelia Island, FL
RREAF Holdings LLC, a private real estate investment and development firm based in Dallas, has acquired two boutique hotels in Amelia Island, FL, on Fernandina Beach. The properties—Ocean Coast Hotel and Amelia Hotel—are situated in one of America’s leading drive-to destination markets, which saw over 1.3 million visitors in 2021, according to the company.

The portfolio has 225 keys, and the properties sit adjacent to each other. The hotels are located across the street from the beach and a few miles from Fernandina’s Historic Downtown.

“In the past year, we have more than doubled our hotel portfolio in our drive-to leisure division increasing our beachfront hotel properties to nine with more than 1,100 rooms,” said Kip Sowden, CEO, RREAF Holdings. “We will continue to expand the hospitality side of RREAF through acquisitions and development. Both these properties on Amelia Island fit perfectly within our growing hospitality and resort business model. We are opportunistic buyers and believe now is a good time to buy and develop as consumers are eager to get out and travel post-COVID. Our drive-to leisure hospitality assets continue to show very strong results and that trend is expected to continue even with inflationary pressure. We currently have two beachfront resort properties under development that will add an additional 550 rooms to our beachfront hospitality and resort division. Affordable family-friendly vacation spots, such as Amelia Island, should continue to outpace other sectors in the hospitality space.”

During the acquisition process, RREAF partnered with Innisfree Hotels, which will manage the properties. “We’re very pleased to add these stunning properties to the Innisfree Hotels portfolio, in partnership with RREAF Holdings,” said Ted Int, Innisfree president/CEO. “Amelia Island’s Fernandina Beach is a picture-perfect location for a family getaway or conference destination, and we are eager to provide our guests with a world-class experience and genuine Innisfree hospitality.”