NASHVILLE, TN — FEB. 4, 2022 – Songy Highroads (SHR) in late December sold the Hyatt House Nashville at Vanderbilt boutique hotel its first full-cycle development and ownership of a property in joint venture with Hyatt Hotels Corporation, which has since expanded to include two other hotel properties in the Southeast.
The buyer of the Hyatt House Nashville at Vanderbilt hotel was OTO Development, which is part of The Johnson Group. Terms of the transaction were not disclosed.
SHR stabilized the Music City property during the covid pandemic and returned it to growth, and made a strategic decision to sell the institutional quality asset now amid rising demand in the Nashville metro area, which is one of the strongest markets for hotel performance.
Hyatt House Nashville at Vanderbilt is located just 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 guest rooms including 125 suites, a rooftop pool, H Bar, fitness center, complimentary breakfast, and a pet-friendly policy.
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 features restaurants by James Beard Award-winning chef Hugh Acheson and just opened last month in Atlanta’s premier luxury shopping and dining district.
“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 withHyatt,” said David B. Songy, Chief Executive Officer and Co-Founder of SHR. “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.”