Affiliates of Starwood Capital Group, Crescent Real Estate LLC, and High Street Real Estate Partners “topped off” dual hotel towers under construction on a 1.3-acre parcel of land directly across from Nashville’s Music City Center.
Affiliates of Starwood Capital Group, Crescent Real Estate LLC, and High Street Real Estate Partners celebrate a topping off of dual hotel towers under construction directly across from Nashville’s 2.1 million-square-foot Music City Center.
NASHVILLE, TN, US, March 31, 2021 /EINPresswire.com/ — Affiliates of Starwood Capital Group, Crescent Real Estate LLC, and High Street Real Estate Partners today announced that they have topped off dual hotel towers under construction on a 1.3-acre parcel of land directly across from Nashville’s Music City Center, a $625 million convention center. The hotel design includes a common podium with two hotel towers connected by a four-story lobby, conference area, public restaurant, and retail space, including outdoor street-level public dining and rooftop bars.
The Partnership celebrated construction progress with a topping-out ceremony of the concrete structure on February 24, 2021. The hotels, located on the corner of Demonbreun Street and 7th Avenue South, are expected to open at the end of the year.
The dual-branded development will total 721 rooms with more than 32,200 square feet of meeting space (including pre-function space) and include:
• An 18-story 1 Hotel, Starwood Capital’s award-winning, eco-conscious, luxury lifestyle brand hotel, featuring 215 rooms with a holistic spa, as well as a rooftop bar and event deck area.
• A 30-story Embassy Suites by Hilton hotel tower, featuring 506 rooms and a rooftop swimming pool, bar, and event space.
True to its eco-friendly philosophy, 1 Hotel will feature exterior and interior walls covered with live vegetation and plants. Both hotels will support a healthy lifestyle with fitness centers.
“Nashville is a rapidly growing and top travel destination and an exciting location for Starwood Capital to introduce the 1 Hotel brand and continue our successful hospitality industry investment strategy,” said Barry Sternlicht, Starwood Capital Chairman and CEO. “Nashville’s natural beauty provides a wonderful setting for 1 Hotel brand’s celebration of nature with green open spaces bathed in natural light. Sustaining nature is consistent with our company’s eco-conscious investment philosophy.”
The two-hotel development is a unique hospitality model intended to appeal to business and family travelers and take advantage of week-day convention and business traffic, as well as weekend event and entertainment travelers. The 1 Hotel cultivates the best of eco-conscious design and sustainable architecture to provide extraordinary comfort and unrivaled service that appeals to luxury and eco-conscious travelers.
“The distinctive design concept and inimitable location inspires us because it will appeal to business, recreational, and family travelers,” said Joseph Pitchford, managing director of Crescent. “The opportunity to be creative with this development fits the Crescent culture. We develop, acquire and manage a premier portfolio of real estate assets, including Class A and creative office, boutique, and upmarket hospitality. We provide a comfortable upscale experience for diverse customers.”
The Embassy Suites will feature a main lobby entertainment bar providing live music and entertainment, a large block of rooms with double king beds that appeal to weekend travelers, and the traditional Embassy Suites breakfast buffet. The hotel’s close proximity to Broadway also provides easy access to a wide variety of downtown restaurants and entertainment venues.
“Located directly across the street from the 2.1 million-square-foot Music City Center and a block down from Bridgestone Arena, home of the Nashville Predators and host to numerous concerts and events, is an ideal location. Embassy Suites appeals to business and convention travelers, as well as sports and entertainment fans,” said Justin Wilson, President, and Partner of High Street Real Estate Partners. High Street Real Estate Partners is a privately held real estate investment firm focused on developing and acquiring equity interests in hospitality and multi-family assets in highly rated markets.
ABOUT STARWOOD CAPITAL GROUP
Starwood Capital Group is a private investment firm with a core focus on global real estate, energy infrastructure and oil & gas. The Firm and its affiliates maintain 16 offices in seven countries around the world, and currently have approximately 4,100 employees. Since its inception in 1991, Starwood Capital Group has raised over $55 billion of equity capital, and currently has in excess of $75 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Starwood Capital also manages Starwood Property Trust (NYSE: STWD), the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed over $63 billion of capital since inception and manages a portfolio of over $17 billion across debt and equity investments. Additional information can be found at starwoodcapital.com.
ABOUT CRESCENT
Crescent Real Estate LLC (Crescent) is a real estate operating company and investment advisor, founded by Chairman John C. Goff, with assets under management, development, and investment capacity of more than $10 billion. Through GP Invitation Fund I and GP Invitation Fund II, the company acquires, develops and operates all real estate asset classes alongside institutional investors and high net worth clients. Crescent’s premier real estate portfolio consists of Class A and creative office, multifamily, hospitality, and senior living assets located throughout the U.S., including The Ritz-Carlton, Dallas, and the wellness lifestyle leader, Canyon Ranch®. For more information, visit www.crescent.com.
ABOUT HIGH STREET
High Street Real Estate Partners is a privately held real-estate investment firm focused on developing and acquiring equity interests in hospitality and multi-family assets in highly rated markets. High Street’s principals have vast experience in the hospitality industry and are widely regarded as some of the most trusted minds in real estate. We rely on extensive contacts and experience of our principals to identify opportunities and negotiate favorable acquisition terms while aligning ourselves with like-minded capital and experienced operators with proven track records of creating value throughout the market cycle. Acquired assets may involve renovations, repositioning and/or brand re-flaggings to meet return objectives and maximize asset value. High Street’s team has invested in and disposed of over $1 billion of real estate since inception. Current assets under management exceed $1 billion. This will be the third investment in Nashville for High Street’s principals, signaling their commitment to and belief in this exceptional real estate market.
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