Noble Secures $31M Construction Loan for Nashville Eco-Hotel
- May 23, 2019
Noble Investment Group has secured $31.2 million in construction financing from Regions Bank for the development of the 169-key Element Nashville West End, according to Davidson County records. The Nashville, Tenn., location is one of the chain’s latest in a long list of projects, with more than 100 hotels underway across the globe.
The hotel’s 1.2-acre site is located at 4 City Blvd., on the eastern edge of Cambridge Holdings’ mixed-use oneC1TY development. Plans for the area, already home to a 116,354-square-foot medical office building and a 276-unit Class A community, call for more than 600,000 square feet of additional commercial space in the coming years. Cambridge initially planned to begin work on the property in mid-2016, per the Nashville Post. However, in January, the developer sold the project site to Noble in a $3 million transaction, according to public records.
The Element flag is typified by sustainable features: Each hotel offers electric vehicle charging stations and bike rental services, and the properties are built with recycled materials. The Nashville location is set to include conference space, street-level retail, complimentary Wi-Fi and a rooftop amenity deck.
The metro’s hospitality real estate has been on the move in recent years, as more than 15 million tourists visited the area in 2018, per the Nashville Convention & Visitors Corp. In addition to developers, investors have also taken note, with a number of large hotel deals closing in the past year.