NASHVILLE, TN—The Sheraton Downtown Hotel has a new owner. JRK Property Holdings acquired the 472-room hotel from an undisclosed buyer. Financial terms of the deal were not revealed.

This is JRK’s second hotel investment in Nashville. JRK currently owns the 287-room Holiday Inn Express in Downtown Nashville. Bobby Lee, president of JRK’s investment division, tells GlobeSt.com the firm targeted the Sheraton Downtown Hotel for several reasons.

“We believe that there is opportunity to drive immediate gains in RevPAR index against the compset through revenue management,” Lee says. “We are also able to drive further gains through a capital renovation. Because we already own the holiday inn express in Nashville we see significant areas to leverage scale both with respect to group sales and operating expenses.”