Avocet Hospitality Group Acquires The Read House; Multi-Million-Dollar Renovation Planned For The Historic Chattanooga Property

Wednesday, August 31, 2016

Historic Read House Associates, LLC, a subsidiary of Avocet Hospitality Group (AHG), on Wednesday announced the acquisition of The Read House in downtown Chattanooga. The seller, Read House Investors, LP, has owned the property since 1994 and entered a sale agreement with AHG in May. Hodges Ward Elliott represented and advised the seller in the transaction.

The 242-room hotel, located at 827 Broad St., was built in 1926 and is the third hotel to join AHG’s growing portfolio. This acquisition is consistent with the company’s aptitude in restoring and repositioning hotel properties, including Tides Folly Beach and The Vendue in downtown Charleston. SC., officials said.

“We have a passion for historic hotels and restoring them to their former greatness.  Our goal will be to restore The Read House to its original 1926 splendor.  We believe Chattanooga deserves a hotel that is completely dedicated to the history of the city,” said Jon Weitz, president and CEO of Avocet Hospitality Group.

AHG is currently in the process of selecting local architects and contractors to be a part of the team that will assist with repositioning the hotel. The preliminary budget for the renovation is between $18 million to $20 million. AHG hopes to start the renovation within the next year and intends to keep portions of the hotel open and operational during the process.

“In the end, all 242 guestrooms will be completely renovated with updated technology, completely new bathrooms, and all new furnishings.  We will work with local historians and architects to do our best to recreate a modern version of the hotel’s original grandeur in the public spaces, ballroom, and restaurant.  Think Great Gatsby,” said Mr. Weitz.

Mr. Weitz was involved in the renovation of another highly acclaimed property in Tennessee, The Hermitage hotel in Nashville.  From 2000-2003, he oversaw the rebirth and repositioning of The Hermitage.  Prior to the renovation, the hotel had fallen on hard times, been through several bankruptcies, and did not have a great reputation in town, he said.  The Hermitage is now Tennessee’s only AAA Five-Diamond hotel and considered one of the best hotels in the Southeast.

Bob Doak, president and chief executive officer of the Chattanooga Convention and Visitors Bureau, said, “We’re excited that Avocet Hospitality is making an incredible investment in our city by revitalizing one of our great historic properties in the heart of downtown. This is a perfect example of how we are continuing to build on the assets we have and maintaining that shine we have worked so hard to build. The latest tourism statistics show that visitors spent more than $1 billion dollars in Hamilton County which supports 8,500 full-time jobs in the tourism industry.”

AHG will continue to share news and renovation updates with the local community, industry experts and media through the renovation process and beyond, it was stated.


Latest Bradley County Arrest Report

Chattanooga Airport Busier Than Ever; Getting 770 More Parking Spaces; Parking Rates Increased

Latest Hamilton County Jail Booking Report


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

The Chattanooga Airport is busier than ever, and steps are being taken to add a host of new parking space, officials said Monday. The Airport showed strong growth in 2018. Terry Hart, president ... (click for more)

Here is the latest jail booking report from Hamilton County: AYALA, EDWIN SAMUEZ 6202 MELTON DRIVE CHATTANOOGA, 37416 Age at Arrest: 41 years old Arresting Agency: Hamilton County DRIVING ... (click for more)


Breaking News

Latest Bradley County Arrest Report

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

Chattanooga Airport Busier Than Ever; Getting 770 More Parking Spaces; Parking Rates Increased

The Chattanooga Airport is busier than ever, and steps are being taken to add a host of new parking space, officials said Monday. The Airport showed strong growth in 2018. Terry Hart, president of Chattanooga Airport gave the year-end report at the December board of directors meeting Monday afternoon. Some records were set for airport use. In October, traditionally the busiest ... (click for more)

Opinion

An Open Letter Concerning The Proposed Ooltewah Waste Treatment Facility - And Response (2)

The Hamilton County Water and Wastewater Treatment Authority and County Commissioner Tim Boyd want to build a sewage treatment plant in my backyard. I bought my house in Ooltewah in 1994, raised my children here and worked hard to pay it off. My home has been my small piece of the American Dream. Now, the WWTA and Commissioner Boyd want to reward my hard work by taking away about ... (click for more)

Roy Exum: The Loving Hands

For a great part of my life that I spent with my family at the former Chattanooga News-Free Press, we were in a lockjaw fight with the family who owned the Chattanooga Times. Up until the 1970s the two newspapers existed under the same roof, splitting expenses, but that got sour when the Times had a lot more “expenses” than we were duty-bound to share. So then my grandfather ... (click for more)

Sports

Cleveland Boys' And Girls' Basketball Teams Involved In "Inappropriate Conduct"

Reports surfaced Monday that Cleveland’s boys’ and girls’ basketball teams broke curfew and engaged in inappropriate conduct after a basketball double-header last Friday in Oak Ridge. The Blue Raiders and Lady Blue Raiders played doubleheaders at Fulton and Oak Ridge over the weekend. On Tuesday, Russell Dyer, director of Cleveland schools, released a statement through the ... (click for more)

St. Francis Knocks Off East Hamilton, 58-53, Despite Hayes' 33-Point Effort

East Hamilton’s Lady Hurricanes fell to St. Francis (Georgia), 58-53, in their opening game Tuesday in the CresCom Bank Holiday Invitational at the Myrtle Beach Convention Center in Myrtle Beach, South Carolina. Junior Madison Hayes scored a game-high 33 points on 12-of-20 shooting and also grabbed 11 rebounds for the Lady Canes (7-5), but even that wasn’t enough to overcome ... (click for more)