Ashford Hospitality Trust has completed a $218.1 million commercial mortgage-backed securities refinancing of the 674-room Renaissance Nashville Hotel, marking the property's second refinancing in just over a year.
The downtown Nashville, Tennessee, hotel is one of the top performers under Marriott's Renaissance brand globally. The 25-story property sits adjacent to the Broadway entertainment district and within walking distance of Music City Center and Bridgestone Arena.
The Renaissance Nashville plays an outsize role in the city's convention market with 112,498 square feet of meeting space — the third-largest capacity behind only the Omni and Grand Hyatt.
The hotel captured 52.5% group occupancy in the first half of 2025, nearly double its competitive set's 29.8% rate, according to bond rating firm Morningstar DBRS, which rated the upcoming CMBS deal.
Bank of America originated the $218.1 million loan in conjunction with an $88 million preferred equity investment from a Macquarie Capital affiliate, according to Morningstar's analysis. The proceeds repaid $267.2 million in existing debt originated last summer.
The hotel's appraised value rose from $407 million to $413 million since the May 2024 loan, according to CMBS loan data.
The new loan carries a two-year, floating-rate, interest-only structure with three 1-year extension options. Ashford will enter into an interest rate cap agreement with a 4% Secured Overnight Financing Rate cap during the initial term.
Strong performance metrics
The hotel achieved a group revenue per available room index of 186.4% in the first half of 2025, according to CoStar data, highlighting both elevated occupancy and rates compared to competitors. The property posted revenue per available room of about $222 for the 12 months ended in June — 5.5% above pre-pandemic 2019 levels.
Ashford has invested $58.5 million in capital improvements since 2014, including $3.1 million spent in 2024 on relocating the fitness center, pool renovations and meeting space updates.
Nashville's tourism strength and the hotel's prime location near major attractions position the Renaissance to maintain its market leadership, according to Morningstar DBRS analysts.
Ashford did not immediately respond to CoStar News' request for comment.