Alex. S. Palmer & Company and Concord Hospitality have signed a letter of intent for the development of an InterContinental Hotel as part of Palmer’s West End Summit.
The letter of intent between Palmer and Raleigh, N.C.-based Concord Hospitality establishes a time frame for the two companies to finalize a contract for the development and construction of an InterContinental Hotel at the WES site, located where West End Avenue and Broadway split in Midtown.
Design plans for the InterContinental are in the planning phase, but the hotel is expected to have approximately 230 luxury rooms.
"InterContinental is one of the most recognized hotel names in the world," Alex S. Palmer, president and managing partner of Alex S. Palmer & Company, said in a release. "This is a win for the city of Nashville and will be a great addition for our strong hospitality industry as well as much-needed additional capacity for the new Music City Center."
Concord Hospitality and Alex S. Palmer & Company are equal partners, with Concord acting as the managing interest for the planned InterContinental Hotel. Concord currently manages more than 90 hotels in the United States and Canada.
With the addition of the hotel, the total investment in the project — centered on two office towers for HCA companies Parallon and Sarah Cannon Research Institute — totals about $300 million. Read more about the project here.