Marcus & Millichap arranged the sale of the 62-room Hampton Inn hotel in Caryville, Tenn. for $5,875,000. Other terms and conditions were not disclosed.
“This transaction was a success for both the buyer and seller,” Alexandre Duong, senior managing director investments, said in a statement. “Through a competitive marketing process that generated multiple offers, we ultimately secured an investor group that recognizes the hotel’s potential and plans to enhance its value with a new business strategy and renovation.”
Duong and Lucas Jalenak, investment specialists in Marcus & Millichap’s Cleveland and Nashville offices, had the exclusive listing to market the property on behalf of the seller. Duong and Kishan Patel from the firm’s Louisville office procured the buyer. Jody McKibben is Marcus & Millichap’s broker of record in Tennessee.
"The Hampton Inn Caryville has long been a convenient and popular destination for travelers from the Knoxville area and beyond,” Associate Jalenak said. “We’re pleased to have helped the seller successfully transition this well-located asset and look forward to seeing the buyer’s future enhancements."
Built in 1994, the 42,000-square-foot Hampton Inn Caryville is at 4459 Veterans Memorial Highway. Located on Cove Lake, the property is positioned at the intersection of Interstate 75 and U.S. Route 25W, making it a key stop for travelers. Located 30 minutes north of Knoxville and within three hours of Louisville, Nashville and Atlanta, the hotel attracts visitors to Knoxville, the University of Tennessee and nearby outdoor destinations such as Cove Lake State Park and Lake Norris.