Southwest Value Partners, the owner and developer of the 17-acre Nashville Yards development, today announced it has entered into an agreement to purchase the historic Union Station Hotel, part of the Marriott Autograph Collection, located at 1001 Broadway.

“The Union Station Hotel is one of Nashville’s most recognizable structures, and we are pleased to enter into an agreement to purchase this iconic property,” said Cary Mack and Mark Schlossberg, co-managing partners of Southwest Value Partners, in a joint statement. “The Union Station building has shaped the Music City skyline for 120 years and, with its storied history as a railroad terminal that moved hundreds of thousands of travelers through the city, we believe the hotel is a natural and exciting hospitality addition to the broader Nashville Yards vision and master plan.”

Sam Friedman, chief executive officer of Dimension Development, the company that will manage the hotel, said: “We have ambitious plans to continue to improve the hotel while carefully preserving its historic character and charm. We remain excited about the progress and development underway in Music City and know the future remains very bright for Nashville.”

Built in 1900, Union Station originally served as the city’s central train terminal for the Louisville & Nashville Railroad. The terminal closed in 1979, and the building was reopened as a hotel in 1986.

The 125-room hotel became a member of the Historic Hotels of America in 2015 and experienced a comprehensive renovation in 2016.