Dreamscape Companies Acquires The Sheraton Grand Nashville Downtown
NEW YORK, NY–Dreamscape Companies, founded by real estate industry veteran Eric Birnbaum, announces the acquisition of The Sheraton Grand Nashville Downtown, a Nashville-based hotel known for its elevated comfort in the heart of Music City. A major milestone for Dreamscape, this newest addition to the company’s robust portfolio illustrates its commitment to the targeted goal of $1 billion in acquisition over the next 24 months, as well as signifies the company’s first foray into the Nashville market.
As the exclusive hotel operating partner for Dreamscape Companies’ growing collection of hospitality properties, Aimbridge Hospitality will assume management of the 482-room property, including food and beverage and fitness as well as the property’s meeting and event space. Adam Etra and Mark Schoenholtz of Newmark Knight Frank brokered the acquisition transaction.
“Nashville has been a key city on our list of targeted markets in which we’d like to expand and develop a presence,” said Eric Birnbaum, Founder & CEO of Dreamscape Companies. “It’s an eclectic city that continues to draw people from all over the world thanks to its deep music and entertainment roots as well as impressive food scene. The Sheraton Grand Nashville Downtown is an upscale, ideally situated establishment representative of what we typically look for when expanding our portfolio and we could not be more excited to enter the Nashville market and further enhance the hotel’s extensive offerings.”
Located at 623 Union Street, The Sheraton Grand Nashville Downtown places guests in the heart of downtown Nashville and within walking distance of some of the city’s most sought-after attractions including the Nashville Historic District, Nissan Stadium, Ryman Auditorium, Parthenon and Bridgestone Arena. The hotel’s 482 elegantly redesigned guest rooms offer a comfortable retreat from the hustle and bustle of the city and feature city views, luxury bedding, high-speed Wi-Fi and flat-screen TVs. Guests also have the opportunity to imbibe at the hotel’s Library Bar, which boasts over 50 varieties of bourbon; take refuge in its spacious light-filled lobby; indulge in a relaxing swim at the indoor pool; or exercise in the 24/7 fitness center. The Sheraton Grand Nashville Downtown’s nearly 50,000 square feet of meeting and event space, including a stunning rooftop venue, make it the ideal choice for all conventions and events taking place in the city.
“Dreamscape is highly-focused on expanding our portfolio in pro-business markets such as Nashville” said Scott Broder, Executive Vice President, Head of Hospitality Investments, Acquisitions & Capital Markets at Dreamscape. “We believe the market will continue to outperform other major MSA’s due to strong employment and population growth as corporations decide to relocate to Nashville given the affordable cost of living, high quality of life, and favorable tax treatment.”
The Sheraton Grand Nashville Downtown marks the third acquisition for Dreamscape Companies this year after recently acquiring a stake in the Warwick Hotel Rittenhouse Square and the Saint Hotel New Orleans. The firm has an active pipeline and plans to continue to be active buyers for the remainder of this year.