The University Of Tennessee System Office Awards Facilities Contract to 865 Hospitality Developer Llc (May 2026)

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.

Scope & details

The full contract record, as filed.

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.

Contract type

FACILITIES

Contract term

99-year Condotel Ground Lease; University purchase option at year 50 and every 10 years thereafter

Renewal

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.

Document type

Agenda

Source document

University of Tennessee Executive Committee Agenda May 2026

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University of Tennessee Board of Trustees Executive Committee Agenda Packet 2026-05-04

APPROVED

Housing Authority of Middlesborough, KentuckyAnnual base rent of $750,000 plus percentage rent based on hotel operating revenues thresholds; University contributes up to $4,000,000 for buildout of 5,000 sq. ft. University spaceMay 4, 2026

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the facilities contract by The University Of Tennessee System Office?

865 Hospitality Developer Llc was awarded this facilities contract by The University Of Tennessee System Office, as recorded on May 2, 2026. The contract value is $220 million development cost; annual Base Rent $750,000 plus Percentage Rent; University buildout budget $4,000,000 for 5,000 sq. ft..

How much is the 865 Hospitality Developer Llc contract with The University Of Tennessee System Office worth?

The 865 Hospitality Developer Llc contract with The University Of Tennessee System Office is valued at $220 million development cost; annual Base Rent $750,000 plus Percentage Rent; University buildout budget $4,000,000 for 5,000 sq. ft., covering facilities work.

What type of contract is this?

This is a Facilities contract, documented as a agenda record.

Where was this contract approved?

This contract appears in University of Tennessee Executive Committee Agenda May 2026 (Agenda), dated May 2, 2026 from The University Of Tennessee System Office. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does 865 Hospitality Developer Llc hold?

865 Hospitality Developer Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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