Denver-based hotel developer Bob Swerdling declined to renew contracts with at least two property owners on a proposed $135 million Hyatt Regency Hotel in Nashville, Tenn., at Second Avenue and Broadway, effectively killing the project, property owners said.
Doug Hirt, one of the property owners, said Swerdling’s contract expired a couple of weeks ago.
“We have no written contract with him,” Hirt said of his property, adding that if “someone wants to buy it, it’s for sale.” Swerdling could not be reached for comment.
The Nashville Business Journal broke the news in October 2012 that Swerdling & Associates, a real estate financial consulting firm that specializes in hotel development, had a contract to buy a 1.5-acre tract on Broadway between Third and Second avenues south.
The site included retail buildings facing Broadway, including the western wear store Trail West. The deal was assembled through contracts with several property owners.
In July, Swerdling announced he intended to build a 450-room, full-service Hyatt Regency hotel on the site. A month later, city officials said the project would be eligible for $3 million in tax-increment financing — the same amount that was earmarked for tax abatement for developer Tony Giarratana’s proposed full-service Marriott on a lot under contract from the First Baptist Church.
But Swerdling’s project still required private financing to get off the ground, and little movement has been seen since the summer.