A parcel of land at Division Street and 17th Avenue, which is expected to become Virgin Hotels Nashville, has been sold to Sir Richard Branson, The Tennessean reports. The previous landowner of the 1.04-acre property is Nashville-based construction executive Dean Chase, CEO of D.F. Chase Inc.
Initially, Virgin Hotels was going to manage, brand and operate the hotel without owning the land. However, Chase still needed to raise a significant portion of the $100 million it would take to build the hotel, according to the Nashville Business Journal. That publication stated that Chase was attempting to acquire money through a number of investors in order to fund a construction loan.
A spokesperson for Virgin Hotels declined to comment on ownership of the property, according to The Tennessean, but indicated that the company is still committed to opening the 240-room luxury hotel in Nashville in 2017. Branson is a British billionaire known for his Virgin portfolio of brands. The first location of Virgin Hotels opened in January 2015 in Chicago.
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