RLJ Lodging Trust has acquired the fee simple interest in the 21c Museum Hotel Nashville for a purchase price of $59 million, or about $476,000 per key. The 124-room property was converted to a boutique lifestyle hotel in 2017, following the conversion of the historic Gray & Dudley Building in downtown Nashville.
“We are thrilled to acquire this unique, high-quality hotel located in one of the most dynamic, long-term growth markets in the country,” commented Leslie D. Hale, president and CEO. “Nashville is a burgeoning destination that is poised to outperform throughout this cycle and this property is well-positioned to benefit from these growth trends, given that it is located within the heart of demand, in downtown Nashville’s Arts District. This acquisition underscores our disciplined and focused approach to executing off-market transactions.”
Hale added, “In addition, we took advantage of the market dislocation during the second quarter and repurcha
