WaterWalk Hotel Apartments has selected a site to bring WaterWalk to Nashville, Tennessee. The new property will be located at the intersection of Perimeter Place Drive and Century Boulevard and will be the first WaterWalk in Tennessee. This new WaterWalk is just a few miles from downtown Nashville, Opry Mills Mall, and The Grand Ole Opry. The property will break ground in May of next year.
While this location is currently being developed by the corporate brand, WaterWalk Hotel Apartments is seeking potential interested developers and franchisees for this location and others in the region. WaterWalk combines apartments and hotel services into a gated, purpose-built community with 138 units. Once completed, WaterWalk will offer corporate guests and other travelers extended-stay apartments, as well as long-term apartments for those looking to relocate or settle in the region. WaterWalk provides real estate and development services, sales and marketing support, operational and property management training, and other expertise to all franchisees.
Hospitality consulting group The Highland Group estimates that the WaterWalk brand has the potential to capture one percent of the total market size and have demand for 452 locations in the coming years. WaterWalk’s Wichita location has already drawn corporate lodging rentals from Fortune 500 companies. Since its launch in September 2014, WaterWalk has achieved rates nearing full occupancy for the months of May and August. Without discounting room rates, June, July, and August’s occupancy rates were a strong 98 percent with an average rate equal to upscale extended-stay hotels for the Gold Package and an above market rent for the Silver Package.
“When choosing sites we want to acquire for the brand, we only pursue the best locations that exhibit a strong corporate presence combined with immediate area livability,” said David Redfern, President, WaterWalk Real Estate & Franchise Development. “This location is situated near the highly-trafficked intersection of Interstate 40 and McGavock Pike, as well as the Nashville International Airport. Major corporations headquartered nearby include Genesco Inc., Bridgestone Tires, and Gibson Guitars.”
To best accommodate diverse lodging needs, guests can choose fully-furnished one-, two-, and three-bedroom accommodations through WaterWalk’s Gold Package, which offers hotel-like amenities and services. Included in the Gold Package, tenants enjoy free gym memberships, 24/7 shuttle and concierge services, a fire pit in the outdoor community area, in-room breakfast, housekeeping, DirecTV with premium channels, Internet, on-site storage, and convenient parking. The all-inclusive Gold Package price is comparable to an upscale extended-stay hotel, but with the spaciousness of an apartment.
The same property also offers guests a Silver Package of unfurnished one-, two-, and three-bedroom units based on leases as short as six months. Silver Package tenants do not face security deposits or application fees, and the all-inclusive rent includes the cost of utilities, Internet, telephone, trash removal, all kitchen appliances, a 186-channel premium DirecTV package, gym membership, and in-apartment washers and dryers.
Companies using WaterWalk for their corporate housing will find an added level of convenience and quality over other corporate housing facilities, including: a full support staff that are accessible and available on-site 24-hours a day for any guest needs; increased flexibility in lengths of stay; competitive pricing; and premier safety and security measures.
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