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Knighthead Funding Provides $37.6MM to Refinance 204-Room Marriott Hotel in Nashville

June 21, 2022, 07:37 AM
Filed Under: Real Estate

Knighthead Funding provided a $37.6 million first mortgage loan to refinance the 204-key Marriott TownePlace Suites hotel in downtown Nashville, TN. The five-year, non-recourse loan refinances the in-place construction loan.

Opened in October 2020, TownePlace Suites Downtown is one of Marriott’s newest extended- stay, all-suite hotels in the market, featuring a robust amenity package that includes a rooftop bar, a state-of-the-art fitness center and a 1,080-square-foot coffee shop. Offering a tremendous value proposition for travelers, the property has come out of the COVID-19 pandemic exceeding average daily rate and occupancy projections year-to-date.

Visitors flock to Nashville year-round to experience Music City’s honky-tonks along Broadway, see the famous recording studios on Music Row, and visit the Grand Ole Opry and the Country Music Hall of Fame and Museum. Nashville has perennially ranked as one of the best places to visit by publications such as Travel + Leisure and Condé Nast Traveler.

“The underlying fundamentals of the Nashville market continue to show impressive strength, with the growing numbers of people traveling for both business and pleasure increasing demand for assets like TownePlace Suites Downtown,” said Jonathan Daniel, Principal of Knighthead. 

“The property’s strong brand and highly desirable location in one of the country’s top travel destinations contributes greatly to its overall success,” added Knighthead Vice President Peter Illuzi, who originated the loan. 

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