NEW ORLEANS, LA. (March 15, 2022): HRI Hospitality (“HRI”), a fully integrated real estate firm with more than $3.0 billion in total national development experience and in-house ownership, development, and management expertise, announces today that it has closed on construction financing for the ground-up development of a new Tempo by Hilton hotel in downtown Nashville, TN. The hotel is scheduled to break ground in March 2022 and open in spring 2024. HRI has entered into an agreement with Hilton to build a 16-story, 306-room focus-service lifestyle hotel adjacent to Nashville Yards in the heart of downtown Nashville. This will be HRI’s second hotel development in Nashville following its successful 2018 redevelopment of the James Robertson Building into the Holston House hotel. The Tempo by Hilton Nashville Downtown will be perfectly positioned to capitalize on its location next to Nashville Yards and Amazon’s Operations Center, as well as its proximity to the leisure, business, and group demand drivers in the Nashville market.
“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. “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 US 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 $85,200,000 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. “META Real Estate Partners is thrilled to work with Bank of America to provide the financing for this ground-up hospitality opportunity in Nashville’s thriving downtown. This is a great start to a new relationship with HRI as we move out of the pandemic and back into a strong hospitality market,” said Rob Kincheloe, Sr. Investment Manager with META.
Tempo is Hilton’s newest Lifestyle hotel brand offering stylish and contemporary lodging with thoughtful design and an uplifting atmosphere to help ambitious, modern travelers keep their pace, all powered by an efficient service model. Located next to the forthcoming Nashville Yards development, the new property will offer 306 rooms, 12,000 square feet of flexible indoor and outdoor meeting spaces, a 2,000-square-foot, state-of-the-art fitness center, a vast outdoor pool and bar, event lawn, and a fifth-floor sky lobby with expansive views of downtown Nashville and Nashville Yards. The property will also offer a variety of food and beverage experiences, including 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 with shareable New American dishes and an outdoor pool bar offering a Mediterranean-inspired menu and specialty cocktails.
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 serving as the hotel’s interior design firm.
The development of the Tempo by Hilton Nashville Downtown marks HRI’s second property in Tennessee and the 28th in the United States. HRI Hospitality is actively pursuing new development and value-add repositioning opportunities that capitalize on its deep industry relationships and expertise in financing, operations, and creating unique, high-quality hospitality assets.