Tru Hotel & Home2 Suites (Hilton bi-brand combo), 10-stories, 223 rooms, SE corner of 5th South & Peabody

[samsonh]

1 hour ago, smeagolsfree said:

This makes absolutely no sense! If the Condos are 1500 Sq. Ft. and a hotel room, lets say is 250 Sq. Ft., then they will lose money. If they sold the condos for a million, then a hotel room based on a $100 av. Daily Rate which is low would generate that much income in 5 years tops and they would have to take 36 rooms in order to do the 9 condos.

 

There will be no views, even if they built them on top the hotel and put them on 30 foot stilts you will not be able to see the Cumberland or even downtown from that location.

The Tri Branded Marriott and the HI will block those views, not to mention the Margaritaville hotel once it is built. Someone has his turbin too tight.

I am certain they are shooting for closer to 500+ per sq ft. Also, remember hotels cost a lot of money to run, revenue =! profit

[smeagolsfree]

Access and resale is another issue. Do the owners use the same elevators, have to contend with loud parties etc. Most of the times with these types of projects are on amseparate floor, but that is not the case. Then you have to share amenities with hotel guest. Then try tomresale to someone else. That would be a no sale for me.

[CenterHill]

9 hours ago, PHofKS said:

Trying to figure out how that works. Probably something like this.

If this is the correct orientation, the condos would face the alley and a parking lot that will ultimately be developed, most likely to the full allotted height of 10 stories.    The condo balconies would be looking directly over the alley at the back side of that development.     I'm with Smeagol that this doesn't seem to have been thought through.  

 

[Hey_Hey]

8 hours ago, smeagolsfree said:

This makes absolutely no sense! If the Condos are 1500 Sq. Ft. and a hotel room, lets say is 250 Sq. Ft., then they will lose money. If they sold the condos for a million, then a hotel room based on a $100 av. Daily Rate which is low would generate that much income in 5 years tops and they would have to take 36 rooms in order to do the 9 condos.

Could they be targeting the immediate cash to decrease the amount they are leveraged?  Maybe this isn't an optional decision.  1500 sq feet downtown in a new construction condo could yield $1-1.5 million it seems. ~$10 million would help decrease loan payments significantly.  The other possibility is that these aren't traditional condos but instead could be a time share.  I believe the Margaritaville Hotel recently announced plans for time shares, which will act as something of a hybrid between hotel rooms and condos. 

[urbanplanet17]

My guess is the developer is only now realizing they've taken on a much bigger bite than they can chew financially and are trying to come up with last minute solutions to  dig themselves out of the hole.

 

Edited November 9, 2017 by urbanplanet17

[NashvilleObserver]

Regardless of what the guesses of the final plan may be, the hotel is under construction, and that's all I'm concerned with. Surely nothing will stop its construction now, nor its needed, valuable infill in SoBro.

[smeagolsfree]

There is also a situation that the hotel is sold either purposely or even worse by foreclosure. That can really affect Condo owners in the building. 

This is the reason we don't have any models  like that here. Its more in the larger cities. Financing is harder to get for projects of that nature.

The Margaritaville Hotel is a little different as they are targeting a transient group with timeshare. Totally different model.

[markhollin]

Foundational pillars starting.

Looking NE from 5th Ave. South, half a block south of Peabody:

 

Looking north from 5th Ave. South, half a block south of Peabody:

[markhollin]

Up to second level of the underground garage.

Looking NE from 5th Ave. South, half a block south of Peabody:
 

Looking north from 5th Ave. South, half a block south of Peabody:

[markhollin]

More work on second level of the underground garage. Elevator shafts forming.

Looking NE from 5th Ave. South, half a block south of Peabody:

 

Looking north from 5th Ave. South, half a block south of Peabody:

[markhollin]

3rd level of underground garage being started. E

Looking NE from 5th Ave. South, half a block south of Peabody:

 

Looking north from 5th Ave. South, half a block south of Peabody:

[markhollin]

4th level of underground garage being started. 

Looking NE from 5th Ave. South, half a block south of Peabody:

Looking north from 5th Ave. South, half a block south of Peabody:

[markhollin]

5th level of underground garage underway. 

Looking east from intersection of Peabody and 5th Ave. South:

Looking south from intersection of Peabody and 5th Ave. South:




Looking NE from 5th Ave. South, half a block south of Peabody:




Looking north from 5th Ave. South, half a block south of Peabody:

[markhollin]

Pillars for 6th level of underground garage in place.

Looking NE from 5th Ave. South, half a block south of Peabody:

Looking north from 5th Ave. South, half a block south of Peabody:

[markhollin]

6th level of underground garage nearly complete. Up to street level now to begin lobby area, etc.

Looking NE from 5th Ave. South, half a block south of Peabody:

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Looking east from intersection of Peabody and 5th Ave. South:

[markhollin]

Fully up to ground level now (6 levels of parking deck complete underneath).

Looking NE from 5th Ave. South, half a block south of Peabody:

Looking north from 5th Ave. South, half a block south of Peabody:

 

Looking NE from 5th Ave. South, 1/2 block south of Peabody:

Looking SW from Peabody, 1/2 block west of 4th Ave. South:

Looking SE from intersection of 5th Ave. South and Peabody:

[markhollin]

Up to 2nd floor now.

Looking west from 4th Ave. South, 1/2 block south of Peabody St:

 

Looking north along 5th Ave. South, 1/2 block south of Peabody St:

[markhollin]

Beginning 4th floor now.

Looking west from 4th Ave. South, 1/2 block south of Peabody St:

[Bos2Nash]

^^This thing has really started to crank up ever since they got above ground. It has been interesting driving/riding/walking through here on my morning and evening commutes

[LA_TN]

Visible, top right (Margaritaville center) 

[markhollin]

Starting 5th floor.

Looking SE from intersection of 5th Ave. South and Peabody St:

[markhollin]

Starting 7th floor.

Looking SE from intersection of 5th Ave. South and Peabody St:

Looking west from 4th Ave. South, just south of Peabody St:

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[markhollin]

Starting 8th floor. 2 to go. 

Looking SE from intersection of 5th Ave. South and Peabody St:

[LA_TN]

Center, left of the Olmstead

[markhollin]

Up to 9th floor. 1 to go. 

Looking SE from intersection of 5th Ave. South and Peabody St:

Looking west along Peabody St., 1/2 block west of 4th Ave. South:

Looking north along 5th Ave. South, 1/2 block south of Peabody St: