NASHVILLE, TN—North Point Hospitality Group has closed on an $89-million construction loan for a $137-million, 21-story tri-branded Marriott hotel next to the Music City Center convention facility here. It will be the first Marriott tri-branded property in the U.S.
The project includes $48 million in private equity and is 100% funded without any state or local incentives.
"We have always been bullish on the Nashville market, and with this development, we will have invested close to $200 million in the Nashville Downtown/West End area," said S. Jay Patel, president and CEO of Atlanta-headquartered North Point Hospitality. Previously, North Point Hospitality developed the 194-unit Hilton Garden Inn and adjacent 119-unit Home2 Suites Hotels, located a mile away in the West End/Vanderbilt sub market.
The L-shaped building will contain a 207-room AC Hotel, a 136-room Residence Inn; and a 125-room SpringHill Suites.
"We are excited to bring this tri-branded design to Nashville. All guests will enjoy the amenities and upscale service experience of a full-service hotel along with the efficiencies of a focused-service property," said Whip Triplett, EVP of North Point Hospitality.
The AC rooms will face Korean Veterans Blvd., and the Residence Inn and SpringHill Suites rooms will face Fifth Ave. South in Nashville's SoBro district. The property will be located near the Country Music Hall of Fame and Museum, Bridgestone Arena, the Lower Broadway honky-tonk district, Frist Center for the Visual Arts and the Nashville Symphony.
The hotels will have six food and beverage outlets, including major restaurants at street level; an indoor/outdoor resort-style pool bar; and a fitness center on the sixth floor. Located on the 21st floor, a rooftop bar and patio will offer views of the city skyline and will be open to hotel guests and locals. Guests of the three hotels will have access to all amenities within the tri-branded property.
Included in the 468 rooms are a 2,000-sq.-ft. presidential suite, 48 one-bedroom suites with kitchens, 141 standard suites and 80 studios with kitchens.
There will be 4,000 sq. ft. of meeting space located on the top floor, with 16-ft. floor-to-ceiling windows offering natural light and a unobstructed view of downtown. Valet parking will be offered on-site with a 355-space parking garage.
"We look forward to breaking ground in the near future and welcoming our first guests in the spring of 2018," Patel said.
