{"id":1004176553,"date":"2017-05-12T05:11:00","date_gmt":"2017-05-12T13:11:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004176553"},"modified":"2022-12-08T13:12:42","modified_gmt":"2022-12-08T21:12:42","slug":"aht-plans-400m-revamp-of-nashville-convention-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/aht-plans-400m-revamp-of-nashville-convention-center\/","title":{"rendered":"AHT Plans $400M Revamp of Nashville Convention Center"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Renaissance<\/a>

Renaissance Nashville<\/p><\/div>\n

Ashford Hospitality Trust Inc. has acquired the Nashville\u00a0Convention, the Renaissance Nashville\u00a0hotel’s conference facility, from the Metropolitan Government of\u00a0Nashville\u00a0and\u00a0Davidson County and is planning a $400 million redevelopment of the space.<\/p>\n

Plans for the new mixed-use project\u00a0include a 26-story, 385,000-square-foot Class A office tower, 235,000 square feet of high-end retail, dining and entertainment (including the National Museum for African American Music), a 34-story residential building containing over 350 rental units and more than 2,000 parking spaces.<\/p>\n

\u201cWe are excited about the impact this new project will have on\u00a0Downtown Nashville\u00a0and in particular our Renaissance property,\u201d <\/em>Douglas Kessler, Ashford Trust\u2019s president & CEO, said in a prepared release. \u201cBeing adjacent to the 5th & Broadway development will create several new demand generators for our hotel, while also providing our guests with direct access to many new quality dining and entertainment options in dynamic downtown\u00a0Nashville.\u201d<\/em><\/p>\n

Ashford Hospitality Trust has also agreed to acquire a permanent fee interest in the reconfigured conference facility from the developers of the project. This will allow them to operate\u00a0all spaces currently used by the hotel in the existing center, under the current 99-year lease term as well as the additional meeting space that is under a 30-year lease period.\u00a0<\/p>\n

In all, Renaissance Nashville has nearly 13,000 square feet of meeting space that is owned fee simple and about 48,000 square feet of meeting space that is subject to ground leases.\u00a0The redevelopment will up that total to about 75,000 square feet. Ashford Hospitality Trust plans to spend approximately\u00a0$20 million\u00a0to renovate the new meeting space.<\/p>\n

\u201cThis new redevelopment provided us with a great opportunity to not only establish a long-term ownership solution for our meeting space but also to upgrade and ultimately expand the size and functionality of the space,\u201d <\/em>Kessler said. \u201cIt was a win-win for everyone involved and the Renaissance is now positioned for further success in this vibrant and growing market.\u201d<\/em><\/p>\n

Ashford Hospitality has also refinanced a mortgage loan with an existing outstanding balance totaling approximately\u00a0$103 million.\u00a0The loan is interest-only with a five-year term and provides for a floating interest rate of LIBOR + 3.00 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plans for the new mixed-use project include a 26-story, Class A office tower; 235,000 square feet of high-end retail, dining and entertainment; as well as a 34-story residential building.<\/p>\n","protected":false},"author":451,"featured_media":1004176580,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,13,21752,36077,21742],"tags":[34101,35516],"class_list":["post-1004176553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-midwest","category-mixed-use","category-nashville-knoxville","category-latest","tag-ashford-hospitality-trust-inc","tag-davidson-county"],"acf":[],"yoast_head":"\nAHT Plans $400M Revamp of Nashville Convention Center - 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\/aht-plans-400m-revamp-of-nashville-convention-center\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AHT Plans $400M Revamp of Nashville Convention Center\" \/>\n<meta property=\"og:description\" content=\"Plans for the new mixed-use project include a 26-story, Class A office tower; 235,000 square feet of high-end retail, dining and entertainment; as well as a 34-story residential building.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/aht-plans-400m-revamp-of-nashville-convention-center\/\" \/>\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=\"2017-05-12T13:11:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T21:12:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/05\/Ashford.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\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\\\/aht-plans-400m-revamp-of-nashville-convention-center\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aht-plans-400m-revamp-of-nashville-convention-center\\\/\"},\"author\":{\"name\":\"Keith Loria\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/aaa29b723dad85f2444ae3cb0c4d735f\"},\"headline\":\"AHT Plans $400M Revamp of Nashville Convention Center\",\"datePublished\":\"2017-05-12T13:11:00+00:00\",\"dateModified\":\"2022-12-08T21:12:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aht-plans-400m-revamp-of-nashville-convention-center\\\/\"},\"wordCount\":375,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/aht-plans-400m-revamp-of-nashville-convention-center\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2017\\\/05\\\/Ashford.jpg\",\"keywords\":[\"Ashford Hospitality Trust Inc.\",\"Davidson County\"],\"articleSection\":[\"Development\",\"Featured\",\"Midwest\",\"Mixed Use\",\"Nashville - 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