Hotel Update: No Slowdown In Nashville
The Nashville hotel market, already acknowledged as one of the hottest in the country, hasn't slowed a bit despite economic jitters in the wider world over the summer.
North Point Hospitality EVP Whip Triplett tells us part of the reason is Nashville's reputation in the rest of the country as the place to be right now. "People want to be in Nashville for many reasons, and we want to be investors in Nashville because they want to be in Nashville,” he says.
Last month, North Point broke ground in SoBro on the first-ever Marriott hotel to contain three of its brands in a single building. The property will include an AC Hotels, Residence Inn and SpringHill Suites, and will be completed in 2018. "Nashville's firing on all cylinders," Whip says, and investors don't believe that's going to change.
Columbus, OH-based Rockbridge CEO Jim Merkel agrees with that assessment. "Nashville's an exciting and growing city, and we're pleased to invest in a new, institutional-quality hotel in the center of this market." Namely the 214-room Hilton Garden Inn in SoBro, which the investor acquired recently for more than $83M, a near-record price per key for Nashville.
Rockbridge is more than an out-of-state investor looking for a different place to invest. The company is an investment platform that's made over 200 acquisitions in 38 states, and is ranked the 14th-largest hotel owner and developer in the country.
Meanwhile, entrepreneur Mark Cleveland recently unveiled new images and a new name for his boutique hotel in SoBro. Previously dubbed The One Nashville, he's now calling it Stanza Nashville, but still plans groundbreaking for next summer. The property, designed by Nashville-based Kennon Calhoun Workshop, will be flatiron shaped to fit into its unusual site where Lafayette Street, Fourth Avenue South and Ash Street create a triangle.
