Broadwest art

The Hilton Conrad hotel will be located in the Broadwest tower on the right and as seen in May.

(Editor's note: This article has been updated to reflect the sales price.)

Propst Development and Chartwell Hospitality on Monday announced the sale of the Broadwest main tower component to offer the 234-room Hilton Conrad hotel.

The price, according to a Davidson County Register of Deeds document, was $119 million.

At 234 guest rooms for the hotel, the transaction is the equivalent of per about $508,000 per room.

The new owner is New York City-based real estate private equity firm Northwood Investors, which bills itself as managing hotels worldwide and with more than $8 billion of investor capital.

Toronto-based RBC Real Estate Capital Partners has provided Northwood a loan of about $114 million, a separate document notes.

Broadwest is billed as a $540 million mixed-use development with multiple buildings offering a collective 1.3 million square feet. One tower offers 630,000 square feet of Class A office space, while the second high-rise features 196 luxury condominiums and the Conrad Hotel, the latter of which will open by month's end. 

“Our goal for Broadwest was to create a property that all Nashvillians are proud of, and we believe the Conrad raises the bar as one of the most luxurious hotel properties in America,” Bill Propst, Propst Companies president, said in the release. “Projects like this ... bring new economic stimulus and opportunities to local residents and businesses. The Conrad Nashville alone will employ more than 200 people.”

Via its Northwood Hospitality LLC, Northwood owns and operates Aloft Charlotte Ballantyne in Charlotte, The London West Hollywood at Beverly Hills and The Darcy in Washington, D.C., among others.

Javier Rosenberg, president of Northwood Hospitality, said Nashville is "quickly becoming one of the top destinations in the country for leisure and corporate travel along with meetings and events.

"The Conrad Nashville is set to inspire and redefine the luxury hotel landscape, offering some of the best accommodation and experiences the market has to offer,” he added.

Rob Schaedle serves as founder and president of Franklin-based Chartwell Hospitality.