Hyatt Place Hotel Coming to Downtown Knoxville

Knoxville's Historic Farragut Hotel to Become Hyatt Place Hotel
By: Dover Development Corporation
 
 
Hyatt Place Farragut Hotel Announcement
Hyatt Place Farragut Hotel Announcement
 
Spread the Word
Listed Under

Tags:
* Dover Development
* Hyatt Place Hotels
* Farragut Hotel Knoxville

Industry:
* Hotels

Location:
* Knoxville - Tennessee - US

Subject:
* Projects

KNOXVILLE, Tenn. - April 5, 2016 - PRLog -- The Hyatt brand is returning to Knoxville. Chief Executive Officer Rick Dover of Dover Development announced today that the former Farragut Hotel on Gay Street in the heart of downtown Knoxville will be a Hyatt Place hotel when it opens in Spring 2017.

Dover celebrated the Hyatt Place brand unveiling with a ceremony attended by Knoxville Mayor Madeline Rogero, Knox County Mayor Tim Burchett and Congressman John J. Duncan, Jr., as well as Hyatt's Director of Real Estate and Development Ryan McNamara and Senior Vice President of Operation Dave Montrose from White Lodging, which Dover Development has chosen to operate the hotel.

"The Farragut was a grand hotel when it opened in the 1920's," said Dover. "We are building off the hotel's legacy by introducing Knoxville to Hyatt's award-winning select-service brand."

"I am very happy that the Farragut Hotel will again serve downtown Knoxville as a distinctive, distinguished Hyatt Place hotel," said Knoxville Mayor Madeline Rogero. "Thanks to Rick Dover and the Hyatt Place team for restoring this historic jewel in the heart of our vibrant city center."

The Hyatt Place project gained significant support from the City and County, in the form of 2-year PILOT (Payment In Lieu Of Taxes) and guaranteed parking in the State Street Garage. With the City's assistance, it also secured some $2.9 million in a low-cost loan from the Department of Housing and Urban Development.

"The economic development in downtown Knoxville has been phenomenal over the last 15 years," said Congressman John H. Duncan, Jr.  "I am pleased that the Hyatt Place hotel will continue this trend. I would also like to thank the Department of Housing and Urban Development."

Expected to open in early 2017, the Hyatt Place hotel will bring the brand's intuitive design, casual atmosphere, and practical amenities to downtown Knoxville.

"We are pleased to continue building upon a strong relationship with Dover Development Corporation and White Lodging," said Ryan McNamara, director of real estate and development for Hyatt. "This hotel is a significant example of Hyatt's deep focus on developing and investing in premium branded hotels in dynamic markets ."

"White Lodging is excited to be a part of bringing the Hyatt Place brand to downtown Knoxville," said Dave Montrose, senior vice president of operations for White Lodging.

"We think the hotel's location, size and quality will make it the city's destination hotel," said Dover. "It will be within walking distance of TVA headquarters, a trolley ride away from the University of Tennessee, and only steps away from the historic Tennessee Theatre."

Hyatt Place at the Farragut will offer:
• 165 spacious guestrooms with separate spaces to sleep, work and play, as well as a Cozy Corner sofa-sleeper
• a.m. Kitchen Skillet™, a free hot breakfast for guests available daily in the Gallery Kitchen
• 24/7 Gallery Menu & Market serving freshly prepared meals anytime, day or night
• Free Wi-Fi everywhere
• 2,700 square feet of flexible, high-tech meeting/function space
• 24-hour StayFit Gym featuring cardio equipment with LCD touchscreens

The Farragut Hotel was first constructed in 1917 and expanded just a few years later. It was home to a 190-room full service hotel, and was a popular venue for visiting dignitaries and Knoxville's social scene. In 1980, the building was renovated into office space and housed many prominent firms, including the law offices of the late Senator Howard H. Baker, as well as the local headquarters of First Tennessee bank. The hotel project is being financed by FSG Bank.

Visit Dover Development Corporation at http://www.doverdevelopment.com.

The term "Hyatt" is used in this release for convenience to refer to Hyatt Hotels Corporation, http://www.hyatt.com, and/or one or more of its affiliates.

Forward-Looking Statements
Forward-Looking Statements in this press release, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "will," "would" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, the rate and pace of economic recovery following economic downturns; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; if our third-party owners, franchisees or development partners are unable to access the capital necessary to fund current operations or implement our plans for growth; changes in the competitive environment in our industry and the markets where we operate; our ability to access the capital markets; and other risks discussed in the Company's filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K, which filings are available from the SEC. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Media Contact
CONTACT: Mike Cohen
Cohen Communications Group
***@cohencommunicationsgroup.com
(865) 659 4750
End
Email:***@cohencommunicationsgroup.com Email Verified
Tags:Dover Development, Hyatt Place Hotels, Farragut Hotel Knoxville
Industry:Hotels
Location:Knoxville - Tennessee - United States
Subject:Projects
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse
Cohen Communications Group News
Trending
Most Viewed
Daily News



Like PRLog?
9K2K1K
Click to Share