Hotel guests visiting Music City paid an average daily rate of almost $126 in June. That was 14.9 percent higher than the figure from a year earlier and was, according to research firm STR, the highest increase among the country's top markets. That performance was no doubt helped by the thousands who visited town early in the month for the CMA Music Fest, but it also was right in line with STR's March data, suggesting Nashville's hotel sector is moving a good bit upmarket.
It hasn't escaped Ryman Hospitality Properties Chairman, President and CEO Colin Reed that shares of the hotel real estate investment trust have been on a nice run from $42 to $50 (Ticker: RHP) over the past three months. On Friday and Monday, a trading plan set up last month by Reed exercised 50,000 stock options and sold the resulting shares. The profit on those transactions came to almost $1.1 million.
Chartwell Hospitality offers on its website some interesting images of its Hilton Garden Inn under construction in SoBro. The design, as you can see below, has been updated a good bit from the original. Check the most updated visuals here.
Here's the updated image:
And the previous rendering:
Music City's hotel sector ranked among the top in the country in March when it came to pricing power. Both in terms of average daily rate (up 14.7 percent from 2013) and revenue per available room (up 23.9 percent year over year), Nashville's hospitality executives had a month to remember. Check out the STR Global March numbers here — and keep in mind that they do not include the crowds that came to town for the NCAA Women's Final Four early this month. We'll keep our eyes out for the next data set...