Fort Worth's Crescent Real Estate Partners in New 721-room Nashville Hotel

Fort Worth's Crescent Real Estate LLC is part of a team that has announced plans for a 721-room hotel project next to Nashville's convention center.Crescent, Starwood Capital Group and High Street Real Estate Partners said they will build two hotel towers joined by a four-story lobby and conference center building on 1.3 acres next to Nashville's Music City Center convention complex.Groundbreaking for the project is scheduled in the next few months.The planned development will include a 30-story Embassy Suites by Hilton and an 18-story 1 Hotel tower. 1 Hotel is a new Starwood Capital brand.The new hotels are just across the street from the $625 million, 2.1-million-square-foot Music City Center convention center."We are excited to invest alongside our partners in Nashville, one of the most vibrant hotel markets in America with diverse and rapidly growing demand drivers. We believe the 1 Hotel fits incredibly well in a high-rated market with limited product differentiation," Barry Sternlicht, CEO of Starwood Capital, said in a statement.Nashville draws more than 15 million visitors a year and is one of the country's top hotel markets.Crescent Real Estate owns Dallas' landmark Crescent Court Hotel in Uptown and built the luxury Ritz-Carlton Dallas next door.  Continue reading...