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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/starwood-capital-group-crescent-real-estate-and-high-street-real-estate-partners-sell-1-hotel-and-embassy-suites-nashville-to-host-hotels-and-resorts-302133698.html
SOURCE Starwood Capital Group