A joint venture between the two companies paid $2.89 million for a 1.15-acre parcel in North Hills East last month.
Developer John Kane said today that the project has secured a construction loan and will begin soon. The project is expected to be completed sometime in the spring of 2012.
The new hotel will be a 137-room Hyatt House, the new extended-stay brand that is replacing the Hyatt Summerfield Suites brand.
The hotel is being built directly across from the Italian restaurant Piola. The site is currently grass and a parking lot.
Kane and Raleigh-based Concord also co-developed the Renaissance Hotel at North Hills on the west side of Six Forks.
The addition of the Hyatt House hotel comes as the future of other aspects of the 50-acre North Hills East project remain uncertain.
Kane has delayed indefinitely plans for a high-end retirement community called The Cardinal at North Hills. The project is to be redesigned and made more affordable, but a revised plan has yet to be announced.