Rascal Flatts have been touring for the last 10 years, promoting studio albums and supporting Jo Dee Messina, Brooks and Dunn and Kenny Chesney, among others. And now, for the first time, the trio will be hosting their own festival. Titled Flatts Fest, the tour will kick off in 2011 and feature some of their hottest Nashville friends.

So what was the inspiration? "Country really hasn't had like a Lollapalooza," Flatt's Joe Don Rooney explains to CMT. "There's a Buzzfest that happens here in Nashville. There's Ozzfest that happens nationally. We [thought], 'Let's do a Flatts Fest.'"

It's not clear where the location will be, but since they mentioned several rock-centric tours in the Nashville area, it sounds like their country version of Buzzfest will happen anywhere but country music's capital. The group is also staying quiet about the likely star-studded lineup: "It's going to be a multiple-artist bill for sure," Rooney adds. "It's going to be some big names. It's going to be a lot of fun. It's just going to be a big party."

And a big party it will be, as the Flatts brought in more than $31 million while on the road this year, according to Billboard stats.

Rascal Flatts were recently honored by the Nashville Mayor at the Grand Ole Opry for their decade long musical contributions to the community. Their Nothing Like This tour kicks off Jan. 14, followed by another Rascal Flatts exclusive tour in the summer.