Nashville-based development company Castlerock Asset Management announced Thursday that it will begin construction next week on The Bobby, an upscale boutique hotel on Printers Alley.
The hotel, which is slated to open in early 2018 at 230 Fourth Ave. N., will include 144 rooms, a cafe, multiple restaurants, a rooftop venue and street-level retail, according to a news release. Construction is set to begin Monday.
Castlerock, which is also developing the downtown Westin, bought the Fourth Avenue building in 2013 for $6.3 million and secured a $25.9 million construction loan from Nashville-based Pinnacle Bank(Nasdaq: PNFP) in February.
“We’ve had much success surrounding the upcoming opening of the Westin Nashville in September, and we’re delighted to embark on our second project in Nashville,” said Seamus Ross, Castlerock’s managing director, in the news release.
The hotel is one of a growing number of investments in the north part of downtown, which used to be its hub but has seen less attention as real estate investors, city officials and corporate tenants all have focused more heavily on the southern part of the urban core. Right now, the stats show downtown does not contain nearly enough hotel rooms to satisfy surging demand from tourists, conventions and business travelers. That’s prompted some record-setting sales of hotels, and also a crazy spike in room rates. Those prices, which are deterring some potential convention bookings, are expected to settle down with the advent of more traditional full-service hotels (like the Westin) and boutique hotels (like The Bobby).
Fee told the Nashville Business Journal in February that the boutique hotel will be independent — which is the case with The Hermitage, Nashville’s only five-star hotel, but not the planned 21c Museum Hotel that is planned for one block from The Bobby (you can check out the hotel pipeline on our Crane Watch map).