Kingsport, TN —
September 2, 2025 — The Madison Group
and Devi Capital are proud to announce the upcoming construction of a new TownePlace
Suites by Marriott in Kingsport, Tennessee. This extended-stay hotel will
bring modern accommodation and elevated service to one of East Tennessee’s most
dynamic and growing markets.
The development is backed by a
comprehensive financing package arranged by The Madison Group, a
national leader in commercial real estate finance. The lender has committed to
both construction and FF&E (furniture, fixtures, and equipment) financing,
with a flexible structure that includes a two-year construction phase,
converting to a permanent loan upon stabilization.
“Hospitality construction remains one
of the most challenging segments to finance, given its operational complexity,
market sensitivity, and long-term performance risk,” said Michael Estes, commercial
real estate financing advisor for The Madison Group. “We’re proud to have
secured a structure that supports both the build and the brand, while offering
long-term stability for our client. Our team’s deep experience in hospitality
underwriting and lender negotiations was key to navigating this deal.”
Devi Capital, serving as both builder
and general contractor, brings a proven track record of delivering high-quality
hospitality projects across the Southeast. With multiple ground-up developments
and renovations in its portfolio, Devi Capital is well-equipped to manage the
scale, complexity, and brand standards required by Marriott.
“This project reflects our commitment
to thoughtful construction, operational efficiency, and long-term value
creation,” said Sandip Patel, President of Devi Capital. “We’ve successfully
delivered projects of this size and scope before, and we’re excited to bring
our expertise to Kingsport. TownePlace Suites is a strong fit for the market,
and we’re confident in our ability to execute with precision.”
The new TownePlace Suites will feature
104 spacious suites with full kitchens, modern amenities, and flexible
workspaces—designed to meet the needs of both business and leisure travelers.
Construction is expected to begin later this year, with completion targeted for
early 2027.
About Devi
Capital
Devi Capital is a full-service
development and construction firm focused on hospitality, mixed-use, and
commercial real estate. With a reputation for quality, transparency, and
on-time delivery, Devi Capital partners with leading brands and investors to bring
high-impact projects to life.
About The Madison
Group
The Madison Group is a national commercial mortgage banking firm specializing
in arranging debt and equity financing for real estate investors. With decades
of experience, TMG helps clients achieve their investment objectives by
delivering tailored financing solutions across all property types.