{"id":1004057872,"date":"2013-01-17T16:38:51","date_gmt":"2013-01-18T00:38:51","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=95747"},"modified":"2020-05-17T23:31:30","modified_gmt":"2020-05-18T07:31:30","slug":"nashville-hospitality-market-going-strong-new-65-m-hotel-project-planned","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/nashville-hospitality-market-going-strong-new-65-m-hotel-project-planned\/","title":{"rendered":"Nashville Hospitality Market Going Strong \u2013 New $65 M Hotel Project Planned"},"content":{"rendered":"<p><em>By Eliza Theiss, Associate Editor<\/em><\/p>\n<p>With the 1.2 million square foot Music City Center\u2019s grand opening just around the corner, it\u2019s no surprise that hotels are springing up all around Nashville, especially in the neighborhood of the state-of-the-art convention center.  In fact there are no less than six hotels currently under construction in Nashville\u2019s downtown market and according to <a href=\"https:\/\/nashvillepost.com\/news\/2013\/1\/16\/two_marriott_hotels_slated_for_sobro\" rel=\"nofollow\"><em>Nashville Post<\/em><\/a>, two more are about to join the party. According to the publication, Atlanta-based North Point Hospitality plans to develop, not one, but two Marriott-branded hotels in the South Broadway (SoBro) corridor of Nashville.<\/p>\n<p>The $65 million project would build two Marriott hotels on a tract of land with 175 feet <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/site-for-north-point-marriott-hotels-near-music-city-center.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-95748\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/site-for-north-point-marriott-hotels-near-music-city-center.jpg\" alt=\"\" width=\"300\" height=\"168\" \/><\/a>fronting Korean Veterans Boulevard and 285 feet fronting Fifth Avenue, already zoned for hotel development. The project will be developed in two phases, with the first one planned to kick off construction by the end of 2013. Phase I consists of a 200-key, 14-story Residence Inn by Marriott mainly fronting Korean Veterans Boulevard and an above-ground 200-car four-story parking garage. Phase II of North Point\u2019s project, a 150-key SpringHill Suites by Marriott, is expected to break ground in early 2015. The hotel however, will be developed atop the then-finished parking garage, after another 50-car parking level is added, resulting in a 16-story structure fronting Fifth Avenue. The entire project is expected to be completed in 2016, but is still subject to Metropolitan Development and Housing Agency Design Review Committee approval regarding the buildings\u2019 facades. When finished, the L-shaped structure will share a street corner with Music City Center.<\/p>\n<p>North Point Hospitality is no stranger to the Nashville hotel development market. It <a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/hospitality-south-3q2012-barnded-hotel-sales.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-95749\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/hospitality-south-3q2012-barnded-hotel-sales.jpg\" alt=\"\" width=\"300\" height=\"218\" \/><\/a>previously developed a 194-room Hilton Garden Inn in the Vanderbilt\/West End area that was completed in 2009, as well as Home2Suites by Hilton, in the same area. The 119-unit hotel was completed in 2012. According to the <em>Nashville Post<\/em>, the properties share a parking garage and both were sold to a real estate investment trust. Founded in 1978, North Point has since developed 32 hotel properties from the ground up, totaling 3,060 rooms at a total cost of $322,100,000.<\/p>\n<p><em>Click <a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-rents-at-record-highs-in-nashville-no-new-completions-in-first-quarter\/1004060417.html\" rel=\"nofollow\">here<\/a> for more Nash<\/em><em>ville market data<\/em><\/p>\n<p><em>Photo credit: Google Maps<\/em><\/p>\n<p><em>Chart courtesy of Marcus &amp; Milichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the 1.2 million square foot Music City Center&rsquo;s grand opening just around the corner, it&rsquo;s no surprise that hotels are springing up all round Nashville, especially in the neighborhood of the state-of-the-art convention center.  In fact there are no less than six hotels currently under construction in Nashville&rsquo;s downtown market.<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[36077,21742],"tags":[1815],"class_list":["post-1004057872","post","type-post","status-publish","format-standard","hentry","category-nashville-knoxville","category-latest","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nashville Hospitality Market Going Strong \u2013 New $65 M Hotel Project Planned - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/nashville-hospitality-market-going-strong-new-65-m-hotel-project-planned\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nashville Hospitality Market Going Strong \u2013 New $65 M Hotel Project Planned\" \/>\n<meta property=\"og:description\" content=\"With the 1.2 million square foot Music City Center&rsquo;s grand opening just around the corner, it&rsquo;s no surprise that hotels are springing up all round Nashville, especially in the neighborhood of the state-of-the-art convention center. In fact there are no less than six hotels currently under construction in Nashville&rsquo;s downtown market.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/nashville-hospitality-market-going-strong-new-65-m-hotel-project-planned\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-01-18T00:38:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-18T07:31:30+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/site-for-north-point-marriott-hotels-near-music-city-center.jpg\" \/>\n<meta name=\"author\" content=\"Eliza Theiss\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nashville-hospitality-market-going-strong-new-65-m-hotel-project-planned\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nashville-hospitality-market-going-strong-new-65-m-hotel-project-planned\\\/\"},\"author\":{\"name\":\"Eliza Theiss\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/de1353a5de72f96494054df3ecca7de4\"},\"headline\":\"Nashville Hospitality Market Going Strong \u2013 New $65 M Hotel Project Planned\",\"datePublished\":\"2013-01-18T00:38:51+00:00\",\"dateModified\":\"2020-05-18T07:31:30+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nashville-hospitality-market-going-strong-new-65-m-hotel-project-planned\\\/\"},\"wordCount\":372,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/nashville-hospitality-market-going-strong-new-65-m-hotel-project-planned\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2013\\\/01\\\/site-for-north-point-marriott-hotels-near-music-city-center.jpg\",\"keywords\":[\"National\"],\"articleSection\":[\"Nashville - 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