City Has Apparently Found Buyer For Chattanoogan Hotel

Monday, October 16, 2017

The city of Chattanooga has apparently found a buyer for the Chattanoogan hotel on Broad Street.

A city board will meet next Monday to consider several resolutions.

One item before the Chattanooga Downtown Redevelopment Corporation is approving the hiring of the Husch Blackwell law firm "as special counsel in connection with the preparation of a sale and purchase agreement for the sale of the Chattanoogan hotel.

"

The CDRC, which approved the start of the process for selling the hotel in July of last year, will also be asked to approve a resolution "approving the purchase price for the sale of the Chattanoogan hotel and authorizing the president to execute the purchase and sale agreement and any and all closing documents necessary to consummate said sale."

The city earlier sent out a Request For Qualifications for a consultant to assist in the evaluations and proposals for the sale.

Daisy Madison, city finance director who heads the CDRC, at the time said converting public conference centers to private ownership is a specialized area and a professional was needed so that the city can maximize the sale proceeds.

Benchmark Hospitality, which last year merged with Gemstone Hotels & Resorts, has long operated the hotel and conference center for the city.

The city built the hotel at 12th and Broad with a focus on it being a conference center, though there was some opposition to local government getting into the hospitality business and competing with private hotels downtown.

The Chattanoogan initially had some financial difficulties, but has been profitable in recent years as the debt for constructing it has been reduced.

It features 199 guest rooms and suites, a day spa and 25,000 square feet of conference space. It also features three restaurants.



Latest Bradley County Arrest Report

Click  here  for the latest Bradley County arrest report. (click for more)

Get Emailed Headlines From Chattanoogan.com; Like Us On Facebook, Twitter For Instant News

We send out headlines each week day of the latest Chattanooga news.  Our news headlines have links that take you to the stories with a click. We also send out special emails if there is a highly significant local news story breaking so you will be aware of it quickly. To be added to the email headline list, just email us at news@chattanoogan.com. In addition, ... (click for more)

Will Chattanooga Miss Another Reinvestment Opportunity?

In April, First Tennessee Bank and the National Community Reinvestment Coalition announced an agreement on a $3.9 billion reinvestment plan for economic development in low to moderate income communities under the 1977 Community Reinvestment Act. The Chattanooga Times Free Press soon followed with an article reviewing the plan in depth. The plan presented Chattanooga, as well as ... (click for more)

Roy Exum: Are We Like Nazis?

Four years after William Styron’s best-seller ‘Sophie’s Choice,’ had achieved the highest height of an atrocity that the literary world had known at the time, a little girl who was birthed the same year as the book (1979) was cast as Meryl Streep’s daughter in the movie. The four-year-old blonde knew nothing about evil, not to mention the Holocaust, but she became enamored with ... (click for more)

Lookouts Break Out Their Bats In Saturday's Rain Shortened Game Beating Barons, 12-2

Birmingham AL --  On a wet night at Regions Field, the Birmingham Barons (32-36) fell to the Chattanooga Lookouts (36-33) by a 12-2 score on Saturday night in a rain-shortened contest. The Birmingham loss evens up the five-game series at two games each with one game to play in the first half. Rain and the Lookouts were the winners on Saturday night in Birmingham as the ... (click for more)

CFC Wins 2-0 At Inter Nashville FC

Chattanooga FC remained undefeated in NPSL play Wednesday night, beating Inter Nashville FC 2-0 in Nashville.   David Valenciano had CFC's first goal late in the first half.  Jose "Zeca" Ferraz scored the second goal minutes before the final whistle.  This is the fourth road game in the last two weeks and they play their final rode game at New ... (click for more)