After the SpotlgihtPlaybackDatabase is successfully created, Spotlight still threw the following error when attempting to connect to it:
Playback error [Connection Error]: Connecting to the instance <name> as the user <name> failed: The TCP/IP connection to the host CNU411CR68, port 1433 has failed. Error: 'Connection refused: connect. Verify the connection properties, check that an instance of SQL Server is running on the host and accepting TCP/IP connections at the port, and that no firewall is blocking TCP connections to the port.