Cronheim Hotel Capital has secured $45,000,000 for the construction of The Printing House, part of Hilton’s Tapestry Collection of hotels. Indianapolis-based Sun Companies plans to develop the 180-key property, which is located in Nashville’s SoBro district. The hotel is expected to open in Q4 2022.
Sun Companies has developed over 60 hotels across the country; this is their second development project in downtown Nashville.
David Turley, President of Cronheim Hotel Capital, noted, “Hotel construction financing is extremely difficult in today’s environment. This deal highlights the value of our creative approach and extensive relationships. Not only were we able to provide construction financing for the project, we were able to do so without any need for the sponsor to raise additional equity which allows them to retain 100 percent of the value creation from development.”
Atlanta-based KPPB Law represented Sun Companies on the closing.