University of Tennessee Executive Committee Agenda May 2026
UT leases land for $220M condotel project
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Description
The Executive Committee authorized a 99‑year ground lease with 865 Hospitality Developer LLC for a $220 million condominium hotel development next to Neyland Stadium. UT will collect $750,000 in annual base ground rent plus percentage rent and will secure dedicated University space within the facility.
Contract Details
Contract Amount
$220 million development cost; annual Base Rent $750,000 plus Percentage Rent; University buildout budget $4,000,000 for 5,000 sq. ft.
Vendor
865 HOSPITALITY DEVELOPER LLC
Agency
The University Of Tennessee System Office, TN
Contract Type
FACILITIES
Document Date
May 2, 2026
Contract Term
99-year Condotel Ground Lease; University purchase option at year 50 and every 10 years thereafter
Renewal Info
Initial 99‑year ground lease with option for UT to purchase the Hotel Unit on the 50th anniversary of the lease and every 10 years thereafter; lease subject to right of first offer provisions and standard default and lender step-in rights.
More from The University Of Tennessee System Office
University of Tennessee Executive Committee Agenda May 2026
University of Tennessee Executive Committee Agenda May 2026
University of Tennessee Executive Committee Agenda May 2026
University of Tennessee Executive Committee Agenda May 2026
University of Tennessee Executive Committee Agenda May 2026
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