Xenia Hotels & Resorts has entered into agreement to acquire 14-storey W Nashville hotel in a deal valued at $328.7m or $950,000 per key.

Opened in October 2021, the hotel features 346 rooms that include 60 suites and six food and beverage venues as well as rooftop and pool bars.

W Nashville features 18,000ft2 indoor meeting and pre-function space equipped with advanced technology, 26,000ft2 of outdoor space, including a rooftop and 10,000ft2 pool deck.

The hotel also has 200 parking spaces, fitness centre and six street level entrances to enhance accessibility.

W Nashville is in proximity to corporate venues of various sectors including healthcare, the music recording industry, technology, finance, education, and consulting firms.

Completion of the deal is subject to customary closing conditions. The deal is expected to close by the end of the first quarter

Xenia chairman and chief executive officer Marcel Verbaas said: “We are thrilled to have reached an agreement to acquire W Nashville, an outstanding newly constructed luxury lifestyle hotel located in the desirable Gulch neighbourhood in the heart of Nashville.

“The addition of W Nashville will mark the 14th property acquired since our listing on the NYSE in 2015 and aligns perfectly with our strategy of owning a portfolio of uniquely positioned premium hotels and resorts located in Top 25 markets and key leisure destinations that we expect to drive superior earnings growth.

“W Nashville is extremely well-designed and perfectly situated to attract year-round leisure, corporate and group demand.”

W Nashville represents Xenia’s 14th Marriott-affiliated hotel across six luxury and upper upscale brands.