Nashville’s Dream Hotel Lands $58M Refi
The new financing package pays down a nearly $49 million loan from late 2016.
Dream Nashville. Image via Google Street View
As unprecedented challenges face the hospitality sector, Royal Investments has closed on a $58 million refinancing package from Barings for Dream Nashville, a 168-key hospitality asset in downtown Nashville, Tenn. The three-year note retires a $48.9 million construction mortgage provided by Fifth Third Bank in 2016, according to public records.
The property opened in March 2019, following approximately two and a half years of construction work. Backing up to Printers Alley at 210 Fourth Ave. N., the 10-story boutique hotel rises from the historic Utopia Hotel, which dates back to 1891. Dream Nashville’s position in the heart of the city center puts it within half a mile of the Country Music Hall of Fame and Museum, Music City Center and the State Capitol.
The hotel’s guestrooms range from 235 to 500 square feet, with an additional 1,400-square-foot presidential suite on the top floor. Amenities include a 24-hour fitness center, complimentary Wi-Fi, valet parking along with six restaurants and bars. The property also has 8,000 square feet of event space.
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