The Music City sings a happy tune

The Hyatt Place Nashville Downtown has 255 rooms and is one block from the newly constructed Music City Center Convention Center
The Hyatt Place Nashville Downtown has 255 rooms and is one block from the newly constructed Music City Center Convention Center.

The Hyatt Place Nashville Downtown has 255 rooms and is one block from the newly constructed Music City Center Convention Center.

WHAT’S GOING ON

Nashville is a city known for its music, a full-size reproduction of the Greek Parthenon and, now, high average daily rates and revenue per available room. STR reported that year-to-date November 2014, ADR for the city was up 12.9 percent, reaching $117.20, while RevPAR was up 18.9 percent over the same period in 2013, at $85.79. Nashville’s occupancy rate was also up 5.2 percent YTD November to 73.2 percent. Demand in the city was up 7.8 percent year-over-year, as the city sold 761,165 rooms in November. YTD as of November 2014, the city has sold more than 9.1 million rooms. As of November, Nashville’s hotel revenue was also on the rise, showing a heady 21.8-percent increase to approximately $1 billion.

WHAT’S NEXT

Virtual Event

Hotel Optimization Part 3 | Available On Demand

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event, now available on demand, for expert panels focused on getting you back to profitability.


Nashville Convention & Visitors CorporationA report from Lodging Econometrics shows that as of Q3 2014, Nashville has 328 hotels comprising 38,826 rooms. The city has 43 properties in its construction pipeline, which are expected to bring in 5,789 new rooms, with the majority of these properties (23) scheduled to open during or after 2017. Eight properties are expected to open in 2015 and 2016, adding 1,735 projected rooms to the city, in comparison to 2012 and 2013, which saw only seven new hotels with 1,911 rooms.

PIPELINE SNAPSHOT

*Westin Hotel (100 Clark Place; 450 rooms; begins construction within the next 12 months)

*InterContinental Nashville (1600 West End Avenue; 285 rooms; begins construction within the next 12 months)

*Virgin Hotel Nashville (1 Music Row; 240 rooms; begins construction within the next 12 months)