HOUSTON, April 29, 2015 /PRNewswire/ -- Moody National REIT I, Inc. (the "REIT"), announced today it is under contract to purchase the Embassy Suites Nashville for $66,300,000, excluding acquisition costs.
The 208-room Embassy Suites hotel opened in 2001 and is situated on 1.248 acres. The select-service all suites hotel provides guests with an indoor swimming pool, fitness center, business center and flexible meeting space.
Just three blocks away from Vanderbilt University and the city's Medical Center, the Hotel is well positioned in the West End-Midtown district, less than two miles from downtown Nashville. In 2014, Nashville was ranked by Forbes as the seventh fastest growing city in the United States in job growth and is a center for an array of industries including health care, banking, and transportation.
"Nashville continues to maintain its status as one of the most robust major metropolitan markets in the country," said Brett Moody, CEO and Chairman of the Board of Moody National Companies. "The Embassy Suites proximity to the Vanderbilt campus and the city's expanding medical center and convention complex, makes the site virtually irreplaceable compared to other properties in the greater Nashville area."
The Nashville market includes several features which the REIT targets – an expanding metropolitan area, a major university, a skilled and growing work force, high population growth, and a seat of state government. The city is famous for its deep roots in music history, natural beauty, live music, and cultural creativity. The hotel is positioned to capitalize on demand from both business and leisure travelers.
"The Embassy Suites Nashville continues to prove Moody's commitment to seeking to add Class A assets - Marriott, Hilton and Hyatt products, in major metropolitan markets to our portfolio," Moody said.
The acquisition of the Embassy Suites is subject to substantial conditions to closing, including (1) the REIT's ability to obtain financing for the acquisition of the Embassy Suites; and (2) the absence of a material adverse change to the Embassy Suites prior to the date of the acquisition. There is no assurance that the REIT will close the acquisition of the Embassy Suites on the terms described above or at all.
Moody National REIT I, Inc. is a real estate investment trust that owns select-service hotels in major markets across the United States. The REIT is sponsored by Moody REIT Sponsor, LLC, an affiliate of the Moody National Companies, which is a full-service commercial real estate company inclusive of mortgage, development, realty and title divisions. Founded in 1996, Moody National Companies has managed over $2B in commercial real estate.
This release contains certain forward-looking statements. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements and you should not place undue reliance on any such statements. A number of important factors could cause actual results to differ materially from the forward-looking statements contained in this release. Such factors include those described in the Risk Factors sections of Moody National REIT I, Inc.'s annual report on Form 10-K and other reports filed with the Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and the company undertakes no obligation to update any such statements that may become untrue because of subsequent events. Such forward-looking statements are subject to the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY SECURITIES.
SOURCE Moody National REIT I, Inc.