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Nashville Hotel Trades at Loss
The Aloft Nashville West End hotel was sold at a loss for $25 million to Somera Capital Management.
The Nashville Business Journal reports AIG Global Real Estate paid $34.75 million for the 11-story hotel in 2015. The Aloft hotel offers 139 rooms at 1719 West End Ave. The recent transaction is equivalent to around $179,856 per room and marks a more than 28% loss for the seller.
In April, the Embassy Suites Nashville at Vanderbilt sold for $57.5 million, a nearly $9 million loss from its 2015 sale, at around $276,442 per room.
Somera, headquartered outside of Santa Barbara, is an investment firm focusing on hospitality, multifamily and retail markets. Somera has completed more than 120 transactions on behalf of partners and investors, with a current AUM of $850 million.
