Friday, September 30, 2011

Hotel Indigo is sold for $14 million

Hotel Indigo in downtown Nashville, a $30 million investment that went sour during the recession, was sold for $14 million in a bankruptcy sale recorded in county documents on Friday.

According to the documents, Winston Hospitality, Inc., a hotel management company based in Raleigh, NC, purchased the boutique hotel located on Union Street in downtown.

The property and building were sold for $11.8 million and the remaining sum was attributable to the hotel’s business operations, confirmed Robert Waldschmidt, the sale’s trustee.

The hotel's property owner, 315 Union Street Holdings LLC., filed for Chapter 11 bankruptcy protection in December.

In all, the hotel's total debt was about $25.6 million against assets of about $14.1 million, including the $13.1 million value of the real estate.

The hotel includes 96 rooms and a penthouse, along with 3,000 square feet of meeting space.

A Winston Hospitality spokesman would not immediately comment on the sale.