Hospitality Group

Avison Young Lists Marriott Knoxville - Knoxville, Tennessee

Marriott KnoxvilleAvison Young, as sole exclusive agent, is please to be engaged on the sale of the Knoxville Marriott (hereinafter "Property," or "Hotel"), a full service hotel located in Knoxville, Tennessee. 

The Property is proximate to downtown Knoxville, a mile from the Knoxville Convention Exhibition Center and the University of Tennessee is located less than five minutes (within two miles) from the Property. The central business district, Knoxville's historic Old City, and the World's Fair Park, home to the Sunsphere, are also located nearby. The Tennessee Volunteers Neyland Stadium and Thompson-Boling Arena (UT's basketball facility) are conveniently located minutes from the Property. Downtown area attractions include the Knoxville Riverboat offers a dinner cruise, and the Market Square is home to locally owned restaurants, and businesses provide unique opportunities to sample and purchase local foods. Additional area attractions include the Bijou Theatre, River Walk, Museum of East Tennessee History, Tennessee Theatre, and Women's Basketball Hall of Fame. The Property is near numerous area businesses, such as Bank of America, N.A. (Dallas, TX), Pilot Oil Company, TVA, Home Federal Bank, Clayton Homes, HGTV/Scripps Network, BB&T, and AmSouth. 

The Property is an 11-story, interior corridor hotel which opened in June 1972. The Hotel has a lobby and reception area, restaurant and lounge, outdoor pool, fitness center, business center, market pantry, and vending areas. The Hotel offers 26 event rooms with nearly 21,000 square feet of versatile meeting space and a pre-function area. The Hotel provides hotel-wide WiFi Internet access. The Property has 378 (non-smoking) guestrooms containing king or queen beds with pillow-top mattresses, flat-screen televisions, an ergonomic desk, high-speed WiFi, and coffee maker. The Hotel sits on approximately 7.51 acres with a building size of approximately 463,932 square feet. 

Property Highlights

  • 378 non-smoking guestrooms
  • 11-story, interior corridor building, originally built in 1972
  • Approximately 7.51 acres and a building size of approximately 463,932
  • Approximately 21,000 square feet of meeting space with 26 event rooms
  • Are businesses conveniently located nearby as well as the Knoxville Convention Exhibition Center
  • Located near numerous area attractions such as the University of Tennessee, River Walk

Upside Potential 

There are a number of compelling aspects to this investment opportunity, which should provide a significant increase in value for an investor, which are as follows: 

  • Fee simple asset with the most meeting space of any hotel in Knoxville
  • Well located asset, proximate to many area demand generators including downtown Knoxville and the University of Tennessee
  • Iconic asset in Knoxville area, located on the banks of the Tennessee River
  • Several branding opportunities including Delta by Marriott, Hyatt Regency and the potential to retain the current full service Marriott flag
  • Property is being offered at a significant discount to replacement cost
  • Great opportunity to reposition the property within the Knoxville market 

Financial Highlights 

 Price - $17,500,000

Price Per Key - $46,296 

Number of Rooms - 378 

For more information on this listing, contact Michael Bernath at 770.401.3890 or Michael.bernath@avisonyoung.com

published: 11-07-2017

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