Newly Opened Nashville Hotel Gets $60M Financing
The debt is a combination of a senior note from Central Bank of St. Louis and a self-financed loan.
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Drury Development Co. has obtained a $60 million financing package for Drury Plaza Hotel Nashville Downtown, a recently constructed, 389-key property. Central Bank of St. Louis originated a $50 million note and the company took a $10 million self-financed loan, according to public records. Both mortgages mature in April 2023.
The property is the company’s third hotel in Nashville and fourth in the state. The developer acquired the land parcel for $2.5 million in 2017 from a private investor. Located on 1 acre at 300 Korean Veterans Blvd., the 22-story hotel opened in late December last year. Amenities include an 8,000-square-foot conference room, a business center, indoor and outdoor swimming pools and a gym.
Situated in the SoBro neighborhood, the property is close to the Country Music Hall of Fame and Museum, Music City Center and Bridgestone Arena. Nashville International Airport is 7 miles east. The hotel is also within a few blocks of another newly opened hospitality asset, the Hyatt House Nashville/Downtown, which traded for $57.8 million in March.
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