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.

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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.



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