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Pinnacle Hospitality CEO Ray Dayal acquired about eight acres along Pleasant Grove Road in Mount Juliet for nearly $3M. He has not released any plans for the site. That might come sometime next year, the Tennessean reports.
The buyer said he is studying the feasibility of a hotel along with other commercial property (a restaurant, for instance) to complement it. Though he is known for hotels, he said a hotel is not the only option for the site.
Nashville has become "ridiculously expensive," Dayal said, and he believes Mount Juliet will become the region's next growth area. Dayal owns a number of Nashville-area hotels, and is involved in the construction of the Holiday Inn Hotel & Suites at Fourth and Peabody in the city. Southeast Venture brokered the Mount Juliet deal.
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