Listing Agents
Sean Banilivy
T | 516.456.7525
sbanilivy@paramountlodging.com
Subu Thiagarajan
T | 510.205.7931
subu@paramountlodging.com
DRE#01891134
Detailed Information
Location
Property Highlights
- Fee-simple interest in the institutionally-owned and managed 98-room Sonesta Simply Suites Knoxville
- Subject Hotel is being offered unencumbered of management, debt, and at a substantial discount to replacement cost
- Asset is running ~77% occupancy and has strong in-place yield making the hotel readily financeable
- Property is readily accessible via Interstate 40 & Interstate 140 interchange with upwards of 210,000 vehicles passing the location daily
- Easily accessible to all local healthcare demand, including Parkwest Medical Center, The University of Tennessee Medical Center, East Tennessee Children’s Hospital, and Fort Sanders Regional Medical Center
- Located near several prominent institutions of higher education, including The University of Tennessee, Knoxville College, Pellissippi State Community College, and Lincoln Memorial University
- Positioned in close proximity to the region’s frequently visited leisure attractions, including the Turkey Creek shopping Center, Market Square, World’s Fair Park, Sunsphere, Zoo Knoxville, and downtown Knoxville
- Extended stay economy product is widely revered as recession proof and remains a favorite investment sector amidst private and public investors
- Knoxville has seen unprecedented strong population growth and ranks 6th fastest growing cities in Tennessee with $24 billion Knox County GDP
- Extended stay market grossly outperformed all other lodging sectors amidst the COVID recovery and is ideally well positioned for forward looking growth
- Product type with fully equipped kitchens is ideal for potential residential conversion or other alternative use pending zoning and municipality approval
- Situated less than 15 miles from the McGhee Tyson Knoxville Airport which recently went through a $134 million airport expansion
- Tennessee has been a primary benefactor of migration trends with business leaders seeking pro-business / lesser tax burdened markets and residents attracted to the sunbelt quality of life