Listen to this article 3 min
Dolly Parton is pouring up a new cup of ambition — the country music superstar is eyeing a hotel in downtown Nashville.
Parton recently bought a downtown office building and is planning to convert it into a hotel, according to multiple sources with knowledge of the project.
"Since the pandemic, commercial real estate is becoming an opportunity. I strongly believe in the future of Nashville and feel this is a great investment," Parton said in an emailed statement to the Nashville Business Journal.
Last week, downtown’s 211 Commerce building sold for $75 million, according to Davidson County records. Pete Owens, vice president of marketing at The Dollywood Co., confirmed Parton is the buyer.
"The Dollywood Company, a joint venture between Herschend Enterprises and entertainment icon, Dolly Parton, confirms its acquisition of 211 Commerce Street, Nashville, TN. Terms of the sale will not be disclosed and plans for the future of 211 Commerce will be shared as they materialize," Owens told the Business Journal.
Nearly 40 years ago, Parton first openedher massive entertainment district Dollywood in Pigeon Forge, which now includes two hotels, a water park and a theme park.
Parton opened one hotel in Tennessee this year. Last month, HeartSong Lodge & Resort, Dollywood’s second resort, opened its doors.
At a dedication of the new resort, Parton told the crowd, “Some people are calling me a hotelier now,” and said that more Dollywood hotels are in the works, according to Condé Nast Traveler.
She is also planning to open a new museum called The Dolly Parton Experience in spring 2024 in her Pigeon Forge theme park.
Lincoln Commerce SPE LLC, a joint venture between Nashville-based Lincoln Property Company and Dallas-based real estate firm Velocis, was the seller of the 211 commerce office building.
Lincoln Commerce SPE bought the 233,314-square-foot building in 2021 for $50.25 million and made $16 million in improvements to the property over the course of its ownership.
The 11-story tower opened in 2000 and features ground-floor retail and restaurant space. Last year, New York City-based burger and shake concept Black Tap Craft opened a flagship location in the office tower.
“Converting an office building to a hotel is complicated because offices don't need as many bathrooms. The wiring for water and electricity is different, so you have to break through the floor plate to make that happen. So it's expensive,” Jan Freitag, CoStar Group's national director of hospitality market analytics, told the Business Journal. Freitag did not have knowledge of the project at the time of the call.
Downtown real estate continues to attract country music stars. Garth Brooks announced his Friends in Lower Places Bar in March and Eric Church announced Chief's on lower Broadway last year.
Adam Sichko and Julia Masters contributed to the reporting of this story.
