Citizens Bank Lends $41M on Nashville Hotel
Citizens Bank has provided a $41 million construction loan to a joint venture between Atlanta-based developer Songy Highroads and an affiliate of Hyatt Hotels Corporation for the development of a Hyatt House hotel in Nashville, Tenn., Commercial Observer can report.
The 201-room, 15-story Hyatt House property will be located at 21st Avenue and Hayes Street in Nashville’s West End and is expected to be completed in early 2019.
“Citizens has been an excellent strategic and financial resource, and we look forward to working with [it] more in the future,” Angela Blaising of Hyatt Hotels said in prepared remarks. “We appreciate [its] expertise and quick execution on financing this transaction.”
“Songy and Hyatt are great clients and we look forward to continuing to work with them,” said Patrick Burns, the executive vice president at Citizens Bank. “Providing construction financing is one of the ways that Citizens meets our clients’ needs.”
In an announcement on the developer’s website, Todd Nocerini, the chief operating officer of Songy Highroads, said, “This is our first deal in Nashville, and we’re pleased to be able to enter a growing market with traditionally high barriers to entry. With a premier location and stability of our partners, we are confident this hotel will be a success.”