The developer transforming a swath of downtown Nashville into the site where Amazon is planting 5,000 jobs has struck a deal to buy an iconic neighboring property: Union Station Hotel.
The leaders of Southwest Value Partners announced Thursday that they’re buying the 125-room hotel at 1001 Broadway. The $56 million purchase is set to close in the third quarter, just as the historic former train station prepares to mark its 120th birthday.
Southwest Value Partners, headquartered in San Diego, spent $129 million accumulating 17 acres north of the hotel, mostly the former home of LifeWay Christian Resources. Construction is underway on a 591-room Grand Hyatt, across Broadway from Union Station, and the first of two towers for Amazon.com Inc. (Nasdaq: AMZN), on the north side of Church Street. MGM Resorts International (NYSE: MGM) is teaming with Anschutz Entertainment Group to create an entertainment district with a music venue, bowling, a movie theater and a hotel.