A local investor purchased the TownePlace Suites Knoxville Cedar Bluff in Knoxville, Tenn. A local investor purchased the property. Other terms and conditions were not disclosed. Hunter Hotel Advisor's Tim Osborne, senior vice president, represented the institutional seller.
Located off the I-75 & I-40 connector, the TownePlace Suites Knoxville Cedar Bluff is in a prominent commercial and retail corridor with access to destinations including Downtown Knoxville, the University of Tennessee—home to over 30,000 students—Neyland Stadium and Thompson-Boling Arena. Knoxville serves as host to major corporations such as Clayton Homes, Pilot Corporation and Regal Cinemas, significantly contributing to the city’s economic growth. Y-12 National Security Complex, Oak Ridge National Laboratory and Tennessee Valley Authority bolster the region’s Federal and State government presence.
“Knoxville is a high-growth market, and the buyer will renovate the property to the most current TownePlace standards to provide a newly competitive extended stay product to capture the growing area demand,” Osborne said in a statement.
The 97-key TownePlace Suites Knoxville Cedar Bluff has guestrooms designed for comfort and productivity, along with 24/7 access to a fitness center and an outdoor pool.