Aspen Realty Partners
Authorized recipient · Raju Bhagat · RGB HospitalityOff-market · confidential
Aspen Realty Partners · Paired Deal Package

RGB Hospitality — the Four Seasons, and your aligned acquisition set.

One trophy taken all the way down — and the whole off-market field, surfaced around your aperture. Both on one page.
One off-market play · underwritten end to end

Four Seasons Hotel Nashville

The only Four Seasons in America that trades below its debt — a brand-new trophy whose 2022-peak loan now sits above its value. And it's off-market: reachable on relationship, not in a bidding war.
235 keys · delivered 2022 · 100 Demonbreun Street — a block off Lower Broadway, fronting the Cumberland River.
UNDERWATER · $172M DEBT ABOVE VALUE

The position

$165MR
Recorded basis · 2022
$172MR
In-place senior debt
$150MA
Entry · below debt
$9.9MM
Stabilized NOI
$172MM
Value @ 5.75% cap
$22MA
Entry → value spread

The execution ladder M

Flip · 3-yr · 1.73×20.6%
Core-plus · 7-yr · 2.40×14.8%
Long hold · 15-yr · 4.36×12.9%
The entry band — a negotiation, all under the seller's basis
OUR OFFER · $150M
target
$145M
opening
$152M
walk-away
$165M
seller's basis
$172M
stabilized value
$22M spread · entry alpha
The strongest plays · already underwritten

The Four Seasons is one flag, run all the way down. Here's the wider off-market field.

Within this one flag, the search distilled all 37 Four Seasons in the country to one — the Nashville trophy above, underwritten end to end. That's how deep a single play goes here. But your top recommendations run across the wider off-market field — and even in Nashville, the strongest play by return isn't the trophy. Here they are — every one off-market — underwritten one by one against your aperture.
First look · all off-market. Every one of these is off-market — no listing, no auction — and none has gone out to anyone else. You're seeing the field before the market does.
921
Underwritten
582
Coastal
534
Trophy tier
387
Core band
72
Texas
13
Floated to the top

How every play is worked — the same system behind each one

What it takes to lift the asset
The renovation scoped up front — what the asset owes to meet brand standard versus what earns a higher tier — by key and by area, read against its permit history. Where capital lifts rate or trims energy cost gets flagged too. Property-improvement insight to start; line-item scope as the deal advances.
Operators & contractors, already matched
Operators with demonstrated operations in that specific market — vetted and matched as candidates — and contractors already working the property or nearby. The local bench, identified, so you can step into a market you don't already know.
Why it's reachable, off-market
Surfaced on relationship, not in an auction — and where the seller has a reason to move (a loan coming due, an over-levered basis), that's named. No bidding war, no shopped deal.
Let's continue our search.
Each of these is worked just as deep as the Four Seasons. The full underwrite is yours — and yours first — the moment you want to move on it.
Continue our search →