Brentwood-based GBT Realty announced Tuesday that Chartwell Hospitality will own, develop and manage the hotel component of Parke West, GBT’s project under construction near the intersection of West End Avenue and Interstate 440.
In addition, and according to a release, First Horizon Bank is providing a $56.5 million construction loan for GBT’s component of the the roughly $100 million development, which will include a 172-room dual-branded Hilton Garden Inn and Home2 Suites Hotel. Parke West also will include a courtyard accessible via a nearby Metro Parks greenway, 11,000 square feet of ground-level retail (which is expected to feature a restaurant with outdoor seating) and 210 residential units.
GBT paid nearly $7.2 million for the site in mid-2019, according to Metro records. Now, according to updated records, GBT has sold to Chartwell the air rights for the hotel tower piece of the property for $6.45 million.
“We’ve put tremendous amount of pre-development work into Parke West to ensure it is an exceptional project that will enhance the community by increasing walkability, providing neighbor amenities and promoting connectivity and ease of access for all visitors, residents and guests,” George Tomlin, GBT’s president and CEO, said in the release. “The addition of Chartwell Hospitality and First Horizon … makes this a top-flight project team that is dedicated to delivering a project that delivers a lasting positive impact in the community.”
Specifically, 69 of the hotel rooms will be for Home2 Suites and 110 will be for Hilton Garden Inn. The two brands will share a fitness center, meeting space, an amenity deck and a lobby.
Chartwell is recognized, among others, for its Hampton Inn & Suites at Capitol View (which is opening on July 10), the Hilton Nashville Green Hills/Residence Inn Green Hills and the future Conrad hotel by Hilton slated for the Broadwest development on West End Avenue.
Will Schaedle, Chartwell’s vice president of development, said this will be the Franklin-based company’s 13th hotel project in the Nashville market. Chartwell’s portfolio includes 40 operating hotels and seven properties under development or construction.
“We think this location is primed for great success,” he said of the GBT site at 3415 Murphy Road.
Parke West is slated to be completed in 2022, with the local office of Birmingham-based Hoar Construction serving as the general contractor. Nashville-based Gresham Smith is the architect.
In addition to Parke West, GBT is developing the downtown site to be home to ONE22ONE, a 365,000-square-foot mixed-use tower at 1221 Broadway, overlooking the interstate loop.
