Hutton Hotel purchased by investment group for $73.6 million - WKRN News 2

Hutton Hotel purchased by investment group for $73.6 million

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NASHVILLE, Tenn. -

Nashville's Hutton Hotel has been purchased for $73.6 million by Carey Watermark Investors, The Tennessean reports.

The paper said the company plans to spend about $4 million on renovations and improvements. The hotel will remain under the management of Amerimar Enterprises Inc.

The property opened just four years ago in 2009 and has been on several top lists in the travel industry, including the Forbes Travel Guide.

Michael Medzigian, CEO of CWI told the Tennessean the Hutton Hotel "represented the opportunity to acquire a premium quality hotel in one of the nation's top-25 hotel markets."

Medzigian cited the opening of the new Music City Center as a sign the hotel market in Nashville will continue to be on the rise.

Carey Watermark is a real estate investment trust that primarily focuses on the lodging industry.

Carey Watermark also owns the Hampton Inn & Suites on Beale Street in Memphis, Westin Atlanta Perimeter North in Atlanta and several other properties in the United States.

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