Developers broke ground on a new hotel in Nashville on Thursday, adding to the projects planned in the growth of downtown.
The Cambria Hotel was scheduled to be finished by early 2018 at the corners of 8th and McGavock, a space that developers were happy to get.
“Since the convention center opened, this whole market has just been on fire.” Steve Joyce, CEO and President of Choice Hotels, said on Thursday. “This location puts us close to the convention center, close to the music scene, and everything else that makes Nashville so special.”
The 19 story tall hotel will feature 255 rooms, a modern design, and a stage to host live music, giving guests the Nashville experience.
“Lots of people want to be part of Nashville.” Nashville Mayor Megan Barry said at the groundbreaking on Thursday.
According to the Nashville Convention and Visitors Corp., the proof was in the numbers.
Over the past 5 years, hotel taxes have grown 130%, compared to a historic average of just 3% growth over a 10-year period.
“We’re out performing every market in the country.” Bucth Spyridon, President and CEO of the Nashville Convention & Visitors Corp., said. “We’re a top destination by every ranking in the world.”
With Nashville’s popularity, developers were confident their hotels would be successful, even though there were hotels popping up all over town.
“It’s part of the hotel business.” Joyce explained. “When you get a lot of rooms in, it takes a little while to absorb it, but everybody in the end does well when the destination is great, and Nashville is a tremendous destination.”
Work was expected to begin on the Cambria Hotel in the coming weeks.
