Investor Bets On Demand For Hotel Rooms Near Frenetic Nashville International Airport
Dakota Legacy Group snapped up a site near BNA recently, confident that the wave of travelers coming to Nashville hasn't crested yet. The company is planning a hotel on the site, though it hasn't disclosed any details.
“Record-breaking numbers of travelers are passing through the airport, and have for three years in a row," Southeast Venture's J.C. Darby told us. The Metropolitan Nashville Airport Authority reported earlier this month that 13 million people passed through the airport in 2016, 11% more than the year before. "As a result, hotel sites, particularly in the airport market, have seen an increase in demand,” Darby said.
Darby, along with colleague James Roscoe High, represented Anchor Investments in its sale of the 9.1-acre site at 16 Century Blvd to Fargo, N.D.-based Dakota Legacy.
“Large land sites in Nashville are becoming more scarce, and with an opportunistic investor such as Anchor Investments, we were able to sell the site for a premium by simply allowing the market to appreciate,” High told us.
The deal isn't Dakota Legacy's first foray into the Nashville hotel market. The company has also partnered with Al. Neyer of Cincinnati on the Mallory Green mixed-use development in Cool Springs. For its part of the mix, Dakota Legacy plans a 122-room Hyatt House and a 119-room Staybridge Suites.
