Nashville, Tennessee, is home to the country’s first tri-branded Marriott hotel.
Developed by North Point Hospitality Group, the 470-room limited-service property consists of transient brands AC Hotel and SpringHill Suites, and Residence Inn, an extended-stay hotel.
Located in downtown’s SoBro neighborhood where government offices are located, the $140 million complex is also across from Music City Center, a six-year-old facility with more than 2 million square feet of event space. Since it opened, the hotel has been at near capacity every day.
In this episode, you’ll hear from executives and managers at North Point Hospitality and First Hospitality Group of Chicago, which each opened a tri-branded hotel in the past 12 months. They share the state of the tri-brand business so far, including some unforeseen challenges; how convention and tourism officials grasp the multi-flag concept; and how guests react when they realize there are three different hotels under one roof.
Lodging Econometrics has tracked the hotel industry since 1998. Its global database includes new-hotel pipelines as well as renovations and brand conversions. Hotel franchisers once eager to launch new brands are focused on converting existing hotels because it’s a faster way to recover revenue lost to the COVID-19 pandemic than through new construction. In Episode 346, Lodging Leaders explores the increasing number of conversions in the U.S. hotel industry and what owners and operators need to consider before repositioning an asset.
In the first few months of the COVID-19 pandemic in the U.S., financiers anticipated a swell of distressed hotel businesses. Some raised rescue funds to respond to what they thought was a pending crisis. Though there are financial rescues taking place, the level of such activity is far below what industry advisers and fund managers expected. Commercial real estate investors positioned to act in the early days of the pandemic held off and are now just beginning to unleash their cash hoards totaling billions of dollars. Episode 345 of Lodging Leaders podcast explores the state of capital investment in the hotel industry.