Host Hotels acquires two-hotel complex in Nashville for $530M in cash

Host Hotels announced that it has acquired the fee simple interest in a two-hotel complex comprising the 215-room 1 Hotel Nashville and the 506-room Embassy Suites by Hilton Nashville Downtown for approximately $530M in cash. The acquisition price represents a 12.6x EBITDA multiple or a cap rate of approximately 7.4% on the Property’s 2024 estimated results. The property is expected to be among Host’s top-25 assets based on estimated full year 2024 results, with expected combined RevPAR of $275, Total RevPAR of $435, and EBITDA per key of $58,5502. The property has a combined 721 rooms that average approximately 500 square feet with a 75% suite mix.