(Bloomberg) -- Host Hotels & Resorts Inc. is acquiring the 1 Hotel Nashville and the adjacent Embassy Suites from a group of owners that includes a Starwood Capital Group affiliate, according to people familiar with the matter.

The transaction is valued at more than $500 million, said one of the people, who asked not to be identified because the details are private.

The ownership group, also including Crescent Real Estate and High Street Real Estate Partners, teamed up in 2019 to develop the hotels, in the center of downtown Nashville across from Music City Center. The 1 Hotel, which has 215 rooms, opened in July 2022.

A representative for Starwood declined to comment. A representative for Host had no immediate comment. Crescent and High Street representatives didn’t immediately respond to requests for comment. 

Nashville’s growing cachet with real estate investors has prompted a number of recent hotel transactions. Bill Gates’ Cascade Investment reportedly purchased the Dream Hotel in downtown Nashville last year. And Xenia Hotels & Resort Inc. bought the W Nashville in 2022 for about $329 million.

In 2022, Host Hotels agreed to buy the Four Seasons in Jackson Hole, Wyoming.

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