Hotel development is alive and well and business partners are eager to get deals done. That was the takeaway from the second-quarter Commercial Real Estate Networking Event held at the TownePlace Suites by Marriott Nashville Downtown/Capitol District, cohosted by Meyer Jabara Hotels (MJH) and Vivid Capital. More than 70 hotel developers, owners, consultants, franchise reps, financiers, designers and construction experts met to discuss active deals and identify new opportunities to work together.
“Whenever we unite real estate and hotel professionals to discuss mutual efforts, hotel projects come to life,” said Justin Jabara, president, MJH. “Nashville is a hotbed for hotel development. At this function, new projects were discussed, and new partnerships were formed. Multiple projects in the Nashville Metro area are underway, and Meyer Jabara Hotels has been selected as the third-party manager for each.”
Strength in numbers
According to STR, Nashville has been among the five best-performing urban markets since the onset of the pandemic, consistently posting gains to both occupancy rates and ADR that have helped buoy numbers nationwide.
“People are still excited about the hotel industry, and the development outlook—especially in this region—shows no signs of slowing,” said Richard Sprecher, VP/development, MJH. “With new companies moving downtown, conventions and meetings business on the rise, and COVID in the rearview, the future is looking brighter. Even submarkets surrounding Music City are outperforming other metropolitan areas. Inflation will start to abate in one to two years as supply chain issues work themselves out. Then, when interest rates are no longer as aggressive as they are today, development will flourish. With partners like Vivid Capital, The Gettys Group and Impetus Construction, we are putting the right people together today who will be making the best deals tomorrow.”
Jai Patel, managing principal/CEO, Vivid Capital, said, “Relationships are the currency of business,” adding, “We believe strongly in cultivating connections with like-minded individuals to grow and prosper together—whether the conversations take place on a call or on a rooftop. We teamed with Meyer Jabara Hotels to create an outlet for collaborating ideas, growing networks and building together. When you put great people together, great things happen.”
Molly O’Keefe, senior director of hotel design and development for The Gettys Group Companies, a co-sponsor of the event along with Impetus Construction, said there is nothing quite like building teams and moving deals forward.
“The right players were there discussing active projects, exchanging ideas, figuring out financing and keeping the momentum moving forward despite unsure market conditions,” she said. “Everyone who attended has a real passion for hospitality and they understand the importance of making personal connections. Intimate meetings like this are extremely productive because they bring people together with a common goal of supporting and growing our industry despite the ongoing challenges in the world. Kudos to Meyer Jabara and Vivid Capital for keeping these critical conversations going.”
Craig Floyd, Nashville market leader, Impetus Construction, said he was honored to be a sponsor for this outstanding networking event, adding, “It’s always good to spend time with business partners, old and new, and have great conversations with many of the leaders in the Nashville hospitality space. We look forward to future networking opportunities and continuing to build relationships in the market. Thanks to MJH for organizing a spectacular event.”
The third-quarter CRE Networking Event will be held in October.