Songy Highroads has sold the Hyatt House Nashville at Vanderbilt boutique hotel to OTO Development, part of The Johnson Group.
The sale was the company's first full-cycle development and ownership of a property in joint venture with Hyatt Hotels Corp., which has since expanded to include two other hotel properties in the southeast.
Hyatt House Nashville at Vanderbilt is located blocks away from Vanderbilt University’s campus and the Health Care District that drives much of Nashville’s economy alongside corporations such as Amazon, Asurion and Oracle. Centennial Park and Music Row are a short walk away from the 15-floor hotel, which has 201 guestrooms including 125 suites, a rooftop pool, H Bar and fitness center.
SHR and Hyatt jointly chose the site for the hotel, spent 18 months developing it and operated the property for about three years in their first joint venture endeavor. SHR and Hyatt have since jointly developed Hyatt Place Atlanta Centennial Park near the Georgia Aquarium and the World of Coca-Cola attractions and Hyatt Centric Buckhead Atlanta, which has restaurants by chef Hugh Acheson and opened last month.
“We are happy to reach this milestone of completing a full cycle of development, ownership and successful exit of Hyatt House Nashville at Vanderbilt as it demonstrates the strength of our joint venture with Hyatt,” said David Songy, CEO and co-founder of SHR, in a statement. “We look forward to continuing to build a deeper relationship with Hyatt as we pursue mutually successful developments of quality urban infill assets in strong markets in the Southeast and beyond.”