Fortune 500 company Host Hotels & Resorts has invested $46 million in the Hyatt Place hotel that is being built two blocks east of the Music City Center by Indiana-based White Lodging Services. Maryland-based Host says its investment gives it a 50 percent stake in the 255-room hotel, which is expected to open its doors in December of 2013 and will sit alongside the Omni Hotel south of the Country Music Hall of Fame and Museum.

"This joint venture is an effective use of our capital to expand and diversify our investments to include the development of upscale properties in urban locations while minimizing our risk and achieving attractive yields.  We view this transaction as a unique opportunity to build a relationship with an outstanding, independent hotel operator and developer," said W. Edward Walter, president and chief executive officer.