March 6, 2023
HRI Hospitality (HRIH), a fully integrated real estate firm based in New Orleans, in partnership with C. B. Ragland Company, a Nashville-based real estate company, and Peachtree Hotel Group, an Atlanta-based hotel investment company, announced the financial closing for the ground-up development of a new 210-room Caption by Hyatt hotel in the Gulch District of downtown Nashville, Tenn. The construction financing will be provided by Truist Financial Corporation and its syndication partner, Commerce Bank. The hotel is scheduled to break ground this month and debut in late 2024. This will mark HRIH’s 32nd property in the United States and its third in Nashville, joining the Holston House Nashville, part of The Unbound Collection by Hyatt brand, and the under-construction Tempo by Hilton Nashville Downtown, which is slated to open in January 2024.
“HRIH and C. B. Ragland are thrilled to partner with Hyatt to bring another exceptional hospitality concept to the vibrant city of Nashville,” says Michael Coolidge, chief investment and development officer at HRIH. “Grounded in a commitment to caring for people and place and creating connections between them, Caption by Hyatt Nashville will appeal to both locals and travelers looking for an authentic sense of place in the heart of Music City.”
The Nashville property will be the second opening for the brand, joining Caption by Hyatt Beale Street Memphis, which opened in 2022. The forthcoming property will comprise 210 guestrooms, 2,200 square feet of indoor and outdoor meeting space, a mobile-first welcome area, fitness center and flexible common spaces for working, socializing or hosting small events. The property will include the signature food and beverage concept Talk Shop, serving as a lively upbeat welcome area, all-day lounge and workspace, coffee shop, eatery, grab-and-go artisanal market and cocktail bar. Talk Shop will feature American cuisine influenced by the locale’s dynamic culture. The project also includes a 7,000 square foot restaurant space for lease and a 150-stall parking garage that will service the hotel and neighboring office buildings.
Caption by Hyatt Nashville is co-owned by HRI Hospitality, C.B. Ragland, and Peachtree Hotel Group. HRIH and C.B. Ragland will be co-developing the project, and upon completion, the hotel will be operated by HRI Lodging. Hastings Architecture, LLC will serve as the architectural design firm, with Studio 11 Design leading the hotel’s interior design and J.E. Dunn Construction Company serving as the project’s general contractor.
HRI Hospitality is actively pursuing new developments and value-add repositioning opportunities that capitalize on its deep industry relationships and expertise in financing, operating and creating unique, high-quality hospitality assets.