Tax Incentives Offered For Two New Downtown Hotels - NewsChannel5.com | Nashville News, Weather & Sports

Tax Incentives Offered For Two New Downtown Hotels

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NASHVILLE, Tenn. – The city of Nashville has offered tax incentives to developers of build two new hotels near the Music City Center in downtown Nashville.

The incentives, which are described as modest, would go toward a proposed Hyatt Regency on Lower Broadway and a proposed Marriott Hotel in SoBro.

Mayor Karl Dean spoke about the incentives at the NAMM convention, which opened Thursday at the Music City Center.

"We have been working very hard for the last six months, a year, on working with the private sector and bringing in new hotel rooms to Nashville. With this building, we need, at the very minimum, a 400-room full service hotel—we probably need two," Mayor Dean said. I anticipate that we'll have some announcement in the very near future."

The incentives are said to be around $3-million for each project. In exchange, the city said the hotels have committed to room-block arrangements to accommodate meetings at the Music City Center.

They also put in place a diversity program to make sure the sub-contractors used include minority-owned, female-owned, and small businesses.

 

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