A Nashville, TN-area hotelier has secured a $20 million construction loan toward a five-story, 160-room dual-branded hotel project he plans for a 0.79-acre property in the Gulch area.
Last week, Rajesh Aggarwal transferred the three parcels within the footprint at 1212, 1214 and 1218 McGavock St. to development entity McGavock Street Partnership.
The transfer came on the same day that the general partnership in which Aggarwal and his wife Dr. Reita Agarwal are partners finalized the loan with Franklin Synergy Bank.
Aggarwal said he’s negotiating for hotel flags for the $22 million project. Previously, a 120-room Staybridge Suites hotel was planned for the site that sits near the Firestone Complete Auto Care on Broadway and Adele’s restaurant, but that deal fell through.
Pending all required approvals, Aggarwal said construction could start next spring on the five-story dual-branded hotel project with completion targeted for around August 2019.
The property, which he has owned since 2006, is in an area near downtown Nashville, TN more development on the way. Austin-based developer Endeavor Real Estate Group has three nearby acres including the former Deja Vu strip club site on Demonbreun Street under contract with plans for a three-tower project. At 12th and Broadway, Endeavor also will soon start building a Whole Foods-anchored residential project.
Aggarwal already owns hotels in the downtown Nashville, TN area. He and his wife led the investment partnership that in 2012 paid $1 million for the inner core of what used to be Hickory Hollow Mall in Antioch, TN, which they rebranded as Global Mall at the Crossings.
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