Landmark sale of award-winning development and hotel site completes successful joint venture
MIAMI and FORT WORTH, Texas and ATLANTA, May 1, 2024 /PRNewswire/ -- Starwood Capital Group ("Starwood Capital"), Crescent Real Estate LLC ("Crescent") and High Street Real Estate Partners ("High Street") today announced that controlled affiliates have completed the sale of the 1 Hotel and Embassy Suites in Nashville, Tennessee, to Host Hotels and Resorts, a lodging real estate investment trust and owner of luxury and upper-upscale hotels. Terms of the transaction were not disclosed.
"Our successful development of 1 Hotel and Embassy Suites, together with our partners at Crescent, further demonstrates the strength of our hospitality platform and our commitment to bringing eco-friendly, luxury guest experiences to market," said [Barry Sternlicht, Chairman and CEO] of Starwood Capital and founder of 1 Hotels, the mission-driven luxury lifestyle hotel brand. "This award-winning project has quickly risen to be one of the top performing hotel developments in Nashville and I am confident the Host Hotels and Resorts team is an ideal steward for this property going forward."
"We are proud to have joined Starwood Capital in developing this project into a premier destination at the forefront of luxury and sustainability in Nashville's thriving hospitality economy," said Jason Anderson, Co-CEO at Crescent. "Together with our partners, we are delighted that our highly successful joint venture has executed our business plan and created significant returns for our investors."
Opened in 2022, the dual-branded Nashville 1 Hotel and Embassy Suites consists of an 18-story 1 Hotel – Starwood Capital's award-winning, eco-conscious, luxury lifestyle brand hotel – and a 30-story Embassy Suites by Hilton hotel tower. The development totals 721 rooms with more than 26,000 square feet of meeting space, including desirable guest amenities such as the 1 Hotel's holistic spa, rooftop bar and event deck area and Embassy Suites by Hilton's rooftop swimming pool, bar and event space. Located on the corner of Demonbreun Street and 7th Avenue South, directly across from Nashville's Music City Center, the site is in the heart of Nashville's downtown restaurants and entertainment venues and one block from Bridgestone Arena, home of the Nashville Predators, and host to numerous concerts and events.
In recognition of the property's innovative and eco-friendly design, world-class guest experience and striking architecture, the development was awarded 2022 Development of the Year at the Americas Lodging Investment Summit (ALIS).
ABOUT STARWOOD CAPITAL GROUP
Starwood Capital Group is a private investment firm with a core focus on global real estate. The Firm and its affiliates maintain 16 offices in seven countries around the world, and currently have 5,000+ employees. Since its inception in 1991, Starwood Capital Group has raised over $80 billion of capital, and currently has ~$115 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Starwood Capital also manages Starwood Property Trust (NYSE: STWD), the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed over $97 billion of capital since inception and manages a portfolio of over $27 billion across debt and equity investments. Over the past 32 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at www.starwoodcapital.com.
ABOUT CRESCENT
Crescent Real Estate LLC (Crescent) is a real estate operating company and investment advisor, founded by Chairman John C. Goff, with assets under management, development, and investment capacity of more than $10 billion. Through the GP Invitation Fund I, GP Invitation Fund II and GP Invitation Fund III, the company acquires, develops, and operates all real estate asset classes alongside institutional investors and high net worth clients. Crescent's premier real estate portfolio consists of Class A and creative office, life science, multifamily, hospitality, and senior living assets located throughout the U.S., including The Ritz-Carlton, Dallas, and the wellness lifestyle leader, Canyon Ranch®. For more information, visit www.crescent.com.
ABOUT HIGH STREET REAL ESTATE PARTNERS
High Street Real Estate Partners is a privately held real-estate investment firm focused on developing and acquiring equity interests in hospitality and multi-family assets in highly rated markets. High Street's principals have vast experience in the hospitality industry and are widely regarded as some of the most trusted minds in real estate. We rely on the extensive contacts and experience of our principals to identify opportunities and negotiate favorable acquisition terms while aligning ourselves with like-minded capital and experienced operators with proven track records of creating value throughout the market cycle. Assets that are developed or acquired by High Street are actively asset managed by us. Acquired assets may involve renovations, repositioning and/or brand re-flaggings to meet return objectives and maximize asset value. High Street's team has invested in and disposed of over $1 billion of real estate since inception. Current assets under management exceed $1 billion. This will be the third investment in Nashville for High Street's principals, signaling their commitment to and belief in this exceptional real estate market.
MEDIA CONTACTS:
Tom Johnson / Dan Scorpio
H/Advisors Abernathy
(212) 371-5999
tom.johnson@h-advisors.global / dan.scorpio@h-advisors.global
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SOURCE Starwood Capital Group
