Driftwood Capital, an integrated vertically commercial real-estate firm and hospitality sponsor in Nashville, Tennessee, has invested preferred equity funds for the construction of a new, 18-story hotel with 300 rooms, featuring two Hilton brands, located in East Bank.
The new Tempo by Hilton and Homewood Suites will be built on a gateway near Oracle’s new headquarters and the Nissan Stadium. Driftwood Development Services will oversee the full development of the project, including preferred equity financing. After completion, long-term operation management will be managed by Driftwood Hospitality Management.
100 Spring Street Hotel, an alliance between Nashville and Tennessee-based companies, is building the hotel. Skyline Hospitality Patrick Culligan along with Tampa-based Sonari Capital Partners Inc.
“The Nashville hospitality market continues to demonstrate impressive growth and resilience, particularly in the future East Bank district, which is poised to become a vibrant epicenter anchored by Oracle’s forthcoming headquarters,” Pranav R. Bhakta, SVP, corporate business development, Driftwood Capital. Driftwood Capital’s vertically integrated business model allows it to support projects with high impact, such as the dual-branded Tempo Hotel and Homewood Suites at 100 Spring Street. Our in-house abilities allow us to provide comprehensive third-party services, hotel-management expertise via Driftwood Hospitality Management as well as structurally flexible financing options such a preferred equity. We offer creative, turnkey solutions which distinguish us from other hospitality investment managers.
The project includes approximately 10,000 sq. Meeting space of approximately 10,000 sq.
Sonari Capital Partners’ managing principal Jaimin Patel said: “We are thrilled to partner with Driftwood Capital to bring to life the Tempo and Homewood Suites hotels by Hilton in the heart East Bank of Nashville.” We are confident that this project will deliver an excellent hospitality experience in line with the growth of the district surrounding it, including Oracle’s HQ and the new Nissan Stadium.
The property is conveniently located near major transit routes and key destinations. Oracle’s $1.35billion campus, which is nearby, and the Tennessee State Capitol are both located approximately five minutes away. The hotel is located adjacent to Interstate 24 and offers immediate access to local attractions, such as Music City Center, Bridgestone Arena, and the Broadway Entertainment District.
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