HRI Hospitality has closed on construction financing for the ground-up development of a new Tempo by Hilton hotel in downtown Nashville. The hotel is scheduled to break ground this month and open in spring 2024.
HRI has entered into an agreement with Hilton to build the 16-story, 306-room focused-service hotel adjacent to Nashville Yards. This will be HRI’s second hotel development in Nashville following its 2018 redevelopment of the James Robertson Building into the Holston House hotel.
“As we continue to grow our portfolio of institutional-quality assets in key urban U.S. markets, we are thrilled to break ground on the new Tempo by Hilton Nashville Downtown,” said Michael Coolidge, chief investment and development officer at HRI Hospitality, in a statement. “The Tempo by Hilton brand gives the modern traveler more ways to enjoy one-of-a-kind experiences when they travel, and we’re excited to expand our offerings with new partners, and in key U.S. markets like Nashville, as we look ahead to travel’s continued return. HRI will continue to use our urban development expertise to take advantage of new opportunities in growing urban markets as the country fully rebounds in the coming few years.”
The construction loan of $85.2 million was arranged by Meta Real Estate Partners of Atlanta, who brought in Bank of America alongside them under their A/B Loan Program. Drawing on Bank of America’s robust lending capabilities, the deal was led by Nashville-based Private Banker Heather Barbour.
Located next to the forthcoming Nashville Yards development, the new property will have 12,000 square feet of indoor and outdoor meeting spaces, a 2,000-square-foot fitness center, an outdoor pool and bar, event lawn and a fifth-floor sky lobby. Food and beverage options will include a ground-floor Bluestone Lane café with indoor and outdoor patio seating (the first in the Nashville market), a fifth-floor lobby bar and lounge and an outdoor pool bar.
The Tempo by Hilton Nashville Downtown project will be owned by HRI Hospitality and operated by HRI Lodging. Similar to HRI’s development of the Holston House, local firm ESa will serve as the architectural design firm and Bell Construction Company will serve as the design-builder. New to the team will be Wimberly Interiors as the hotel’s interior design firm.
The development of the Tempo by Hilton Nashville Downtown is HRI’s second property in Tennessee and its 28th in the U.S.