Yesterday's announcement that Kite Realty Group has paid $37.5 million for Franklin-based big box strip center Cool Springs Market (read more here) might seem like nothing more than a standard commercial real estate story. But it followed the Monday announcement that XYQ Artist Management has opened a Nashville office within the West End Corridor. And so ... ? Both Kite and XYQ parent XYQ Inc. are based in Indianapolis. And so ... ? Within the past 15 months or so, we've also seen Buckingham Cos. prepare to break ground by year's end on a major mixed-use project in Midtown and White Lodging begin developing a Hyatt Place in SoBro. Yes, both are Indianapolis based. (Actually, White Lodging is located in Merrillville, but that's not much more than 120 miles from Indy.) We have no idea if this is some type "record" for Indy-area-based companies doing work in Nashville within such a brief time period. But it is interesting nonetheless.
Merrillville, Ind.-based White Lodging announced today its Hyatt Place Nashville, under construction in SoBro, has been structurally topped.
"It's very exciting to bring the Hyatt Place brand to the downtown market and to be an even bigger part of the Nashville community," said Nicole Nielsen , director of sales, Hyatt Place Nashville/Downtown. "With our prime location, we are poised for success and have been overwhelmed with the reception from neighbors and visitors."
The 255-room hotel broke ground in July 2012 and is slated to open in December 2013. The hotel will be owned by affiliates of Host Hotels & Resorts, Inc. and White Lodging and is the first new, select service construction venture for Host.
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.
The Hyatt Place hotel now being constructed two blocks from the Music City Center will feature a four-level garage, with one level of the 175-space facility to be underground.
With the bulk of the garage to be above grade (to date, there had been no word as to its configuration), the hotel will be rising soon from street level. Indiana-based developer White Lodging expects to open the hotel in December 2013 (a fall opening date was previously planned).
The Hyatt Place will be located at the southwest corner of Third Avenue South and Molloy Street. The 13-story hotel will have 255 suits and include some meeting space.