Marriott is developing its first tri-branded hotel in the SoBro neighborhood of Nashville, Tenn., and the developer of the project just secured financing.
North Point Hospitality Group of Atlanta secured an $89 million construction loan for the hotel from SunTrust Bank. The loan completes the financing for the project, which totals $137 million and includes $48 million in private equity. No state or local incentives were involved in the deal.
Construction is expected to begin later this year on the 21-story hotel, which will include a 207-room AC Hotel, a 136-room Residence Inn and a 125-room SpringHill Suites.
“We have always been bullish on the Nashville market, and with this development, we will have invested close to $200 million in the Nashville downtown/West End area,” S. Jay Patel, North Point's president and CEO, said in a statement.
North Point is no stranger to Nashville, and previously developed the 194-room Hilton Garden Inn and 119-unit Home2 Suites in the West End/Vanderbilt submarket.