129 (including a 1,100 s.f., 3-bay Hospitality Suite)
Asking Price
$2,600,000
Price/Room
$20,155
Ownership
Fee Simple
Investment Highlights
- Former Hampton Inn, Well-Built and Substantially Renovated - Desirable Knoxville market with Diverse Demand Generators - Ideal Owner or Regional Operator Opportunity - Discount to Replacement Costs - SBA Financeable - Unencumbered by Management
Property Overview
The Quality Inn, located just off Interstate 75, 5 miles northwest of downtown Knoxville, was originally built as a Hampton Inn in 1989 and was completely renovated in the mid-1990s and again in 2005.The property is a 129-room, three-story, exterior corridor building with a 3-bay Hospitality Suite (1,100 s.f.) and outdoor pool, large breakfast area, and a visually appealing façade. The property features furniture, bedding, and finishes consistent with Hampton Inn brand and quality standards which are better quality and more attractive than typical furniture packages found in Quality Inn products. The property is situated in a dense commercial area and within close proximity to the immediate area’s demand generators including the 1982 World’s Fair Park (4 miles), the University of Tennessee (less than 5 miles), University of Tennessee Medical Center (5.5 miles), Knoxville Convention Center (5 miles), Knoxville Museum of Art (5 miles), Women’s Basketball Hall of Fame (6 miles), Knoxville Zoo (8 miles), Oak Ridge National Laboratory (14 miles), and the Museum of Appalachia (15 miles).Within a reasonable distance to the Quality Inn are several office and industrial parks and area businesses include Tennessee Valley Authority, HGTV (cable TV network), Siemens Corporation, ALCOA, Brinks Home Security (call center facility), SYSCO Food Service Corporation, Exedy America, Tennessee Steel, Tennessee Marble, American Honda Corporation, General Electric, Reily Foods, makers of Luzianne Tea and Coffee, Blue Plate Mayonnaise, and a host of other processed and packaged food products.
Throughout the year, there are multiple festivals and special events that generate a significant number of room nights for area hotels.These events draw upwards of hundreds of thousands of visitors each year and include the Street Rod Nationals (held at Chilhowee Park at the beginning of each May), the Dogwood Arts Festival (held each April and features several events including arts and crafts fairs, scenic drives, and functions at prominent homes), Appalachian Homecoming (held at the Museum of Appalachia each fall and features festivals, arts and crafts, and concerts by A-list musicians such as John Michael Montgomery, Reba McIntyre, and others), the Annual Honda Hoot (held each June at Chilhowee Park and is attended by hundreds of thousands of motorcycle enthusiasts), the Knoxville Annual Concert Series which features such acts as George Strait, Leanne Womack, and other top performers.Additionally, the University of Tennessee college football season draws hundreds of thousands of visitors each Fall for home games at Neyland Stadium.Due to Knoxville’s location between the Great Smoky Mountains and the Cumberland Mountains, the area is a popular location for “leaf watchers” that enjoy the fall foliage.
Photos
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