North Point Hospitality Group Secures Financing for SoBro Tri-Branded Marriott; Project To Add 468 Hotel Rooms to Nashville
NASHVILLE, Tenn., April 26, 2016 /PRNewswire/ -- Nashville is about to gain 468 hotel rooms next to the Music City Center convention facility now that financing is set and construction nears on the first Marriott tri-branded property in the U.S.
North Point Hospitality Group closed last week on an $89 million construction loan for the $137 million, 21-story hotel. The project includes $48 million in private equity and is 100 percent 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 Marriott lifestyle- inspired brand from Europe now in about a dozen U.S. cities; a 136-room Residence Inn; and a 125-room SpringHill Suites. Residence Inns offer spacious suites with full living rooms and kitchens for longer stays convenient for families and the long-term business traveler. SpringHill Suites feature suites that are 25 percent larger than typical hotel rooms and target both the leisure and business guests.
"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, Executive Vice President of North Point Hospitality.
The AC rooms will face Korean Veterans Boulevard, and the Residence Inn and SpringHill Suites rooms will face Fifth Avenue South in Nashville's bustling SoBro district. The location is convenient for business travelers attending conventions at the Music City Center and for leisure guests visiting the Country Music Hall of Fame and Museum, Bridgestone Arena, Lower Broadway honky-tonk district, Frist Center for the Visual Arts, Nashville Symphony and the area's many restaurants.
The hotels will have six food and beverage outlets, including major restaurants at street level, a unique indoor/outdoor resort-style pool bar and fitness center on the sixth floor. Located on the 21st floor, a rooftop bar and patio will offer panoramic views of the Nashville skyline and will be open to locals and guests of the hotels. 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-square-foot presidential suite, 48 one- bedrooms suites with kitchens, 141 standard suites and 80 studios with kitchens.
There will be 4,000 square feet of meeting space located on the top floor, with soaring 16-foot floor-to-ceiling windows offering natural light and a unobstructed view of downtown Nashville. 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.
ABOUT NORTH POINT HOSPITALITY GROUP, INC.
Based in Atlanta, Georgia, North Point Hospitality Group is an award-winning hotel development and operations company. North Point and its affiliate companies have developed 35 hotels from the ground up with a total investment over $400 million.
For more information on North Point Hospitality Group, please visit www.NorthPointHospitality.com or contact [email protected].
SOURCE North Point Hospitality Group
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