It's not often we talk about commercial real estate here, but when a project has the potential to help transform an entire neighborhood, it's certainly worth noting. In case you missed it, reports surfaced last week about a new $37 million mixed use project making its way to the already popular Hillsboro Village neighborhood.
The project, which is being developed by Atlanta-based Summit Management Corp., is expected to break ground sometime in the fourth quarter and will include 47 apartment residences, a 200-car parking garage, ground-floor retail, and what's being described as a millennial-focused hotel that will specifically appeal to budget-savvy travelers.
The building itself is being designed by Nashville-based Manuel Zeitlin Architects and Memphis-based Bounds and Gillespie Architects, while its location is directly on the southeast corner of Belcourt and 20th Avenue.
With both Belmont University and Vanderbilt University situated nearby, the project certainly makes a lot of sense, especially at a time when the Nashville rental market is red hot and showing no signs of a slowdown anytime soon.
As for the hotel, which is being called the Moxy Nashville/Vanderbilt Hotel, expect rooms to be smartly designed and ultra tech-savvy, with other features including a large check-in area with a bar (which includes a complimentary drink); motion sensor lighting; Internet TV that included Netflix, YouTube, Hulu, Pandora, and Crackle; free Wi-Fi; and a 24-hour self-service food and beverage program.
According to reports, the hotel should be ready to open in early 2018, with the apartment residences likely on a similar timeline.
Music Valley in Nashville is full of lodging options where it's hard to know where to even stay. It's hard for visitors to determine which hotels are going to be near the attractions you want to visit or near the people you've come to visit in the area. Here is a look at the hotels in Music Valley Drive that are all within a mile of Opry Mills, The Grand Ole Opry, General Jackson Showboat, Nashville Palace and the Opryland Resort and Convention Center.
Radisson Hotel at Opryland - 2401 Music Valley Drive
The Radisson Hotel is perfect for families. It's right across from the Opryland Hotel and there's an Applebee's Restaurant on the first floor. They have excellent service at the hotel and kids will love the indoor pool in their Atrium.
Days Inn - 2460 Music Valley Drive
If you're strapped for cash and need something very affordable, stay at the Days Inn on Music Valley Drive. It's intended for those on a budget. You'll get to use their pool and get a free continental breakfast staying here. They have free parking which is great if you don't want to pay for parking around town.
Gaylord Opryland Resort and Convention Center- 2800 Opryland Drive
On the other end of the scale, the Gaylord Opryland Resort and Convention Center is the top luxury hotel in town. Their brand is recognized world-wide for amazing service, luxury accommodations and amazing entertainment. It's a 4 star hotel and one of the top places to stay in Nashville. You can't beat the amenities and service.
Fiddlers Inn - 2410 Music Valley Drive
Fiddlers Inn is a favorite for guests and they tend to get many regulars and returning customers. It's a locally owned hotel that reminds you of a "Cheers" atmosphere. The long-standing hotel adds to the Nashville's charm.
These are your best options for staying in Music Valley near the main attractions.
$47.5 million: that's the price at which the Sheraton Nashville Downtown Hotel was bought by JRK Hotel Group, part of the California based JRK Property Holding Inc., recently.
Memphis-based DHG Nashville LLC previously bought the property for $24.5 million back in 2003. It was then appraised at $37.5 million, before eventually being sold to the JRK Hotel group. Going at $100,000 per room, it is a reflection of the positive real estate environment in Nashville and growing interest from outsiders in a city that is increasingly seen as a growing tourist destination, says hotelier and real estate investor Mark Bloom.
On this particular property sale, Bloom commented that the selling price is "very aggressive," especially given the fact that the Sheraton property was built over 35 years ago and isn't considered among the elite ones in Nashville.
JRK Hotel Group President John Flannigan says, "The 472-room hotel will undergo significant and extravagant renovations. However, we'll be able to spill the specifics of the plan only after we've put the entire roadmap in place. We can confirm that the hotel will remain operational throughout the course of the renovation and the Sheraton flag will be retained."
Flannigan adds, "The economic landscape looks very promising for downtown Nashville. Construction of a new convention center along with major investments in downtown Nashville was the key trigger for this move. In terms of the room count, The Sheraton now is the largest hotel in our portfolio. We also own a Holiday Inn Express Hotel in Nashville which has been doing very good business for us."
Tamara Dickson, vice president of economic development for the Nashville Downtown Partnership proudly declares, "Since 2000, over $3 billion worth of investments have flooded into Nashville, both in the public and private spaces. Over $1 billion of this is attributed to the Music Convention Center and Omni Hotel."
The latest purchase goes on to cement the optimistic outlook of the real estate space in Nashville.
The opening of Aloft Hotel in Nashville last Sept. 6 has totally redefined the word "style at a steal" as Aloft introduces a more flashy design coupled with an ultra-social ambiance. The Aloft Nashville is among the growing number of hotel conversions under the Aloft brand owned by Starwood Hotel & Resorts Worldwide, Inc. Launched in 2008, the brand has turned to hotel conversions to keep up with the increasing demand both locally and internationally.
According to Starwood's President and CEO Frits van Paasschen, "Since the brand's inception in 2008, it has expanded more than 60 chains worldwide, focusing on cheap yet high-quality and design-driven hotel concept." Starwood's President of Global Development Simon Turner adds, "Today, expanding Aloft through conversions is considered a right move at the right time for the brand. We have also adapted a conversion-friendly strategy that, as much as possible, ensures smooth transition for all stakeholders including existing owners and guests."
Mr. Turner adds that opportunities can be found in two major categories. One is in existing old hotels that need to change their physical renovation and design. The second is in small independent hotels seeking to re-brand and adapt a formal operating structure such as what Starwood utilizes. And the Aloft Nashville is a perfect example of this strategy.
Replacing the Hotel Indigo Nashville Music Row, which was fully transformed in as little as one month, the Aloft Nashville is comprised of 139 rooms. This also marks the debut of the Aloft brand in Nashiville, TN. According to Turner, the short turnaround time also shows how efficient the company is and a proof of how cost-effective their system is.
"Aloft already has developed a stable following from its loyal guests – once they experience staying in, they would always seek for it wherever they go," says Brian McGuinness, Starwood's Senior Vice President of Specialty Select brands.
The Aloft Nashville is strategically-located blocks from the historic Nashville Music Row, near Vanderbilt University and the Tennessee State Capitol.