Avocet Hospitality Group Acquires The Read House Hotel
Multi-Million Dollar Renovation Planned for the Historic Chattanooga Property
CHATTANOOGA, TN (August 31, 2016) – Historic Read House Associates, LLC, a subsidiary of Avocet Hospitality Group (AHG), today 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 2016. Hodges Ward Elliott represented and advised the seller in the transaction.
The 242-room hotel, located at 827 Broad Street, 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.
“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,” states 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 18-20 million dollars. 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,” says Weitz.
Jon Weitz was involved in the renovation of another highly acclaimed property in Tennessee, The Hermitage hotel in Nashville. From 2000-2003, Weitz 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. The Hermitage is now Tennessee’s only AAA Five-Diamond hotel and considered one of the best hotels in the Southeast.
“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,” said Bob Doak, president and chief executive officer of the Chattanooga Convention and Visitors Bureau. “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.
About Avocet Hospitality Group
Avocet Hospitality Group specializes in developing and operating hotels, restaurants and property management companies. The Charleston-based company owns and operates The Vendue, Charleston’s Art Hotel, housed in a collection of gracefully repurposed 18th century warehouses nestled in Charleston’s French Quarter, offers 84 distinctively individual guest rooms as well as the casually elegant restaurant Drawing Room and The Rooftop, Charleston’s perennially favorite rooftop bar; and Tides Folly Beach, a 132-room full-service oceanfront hotel set on “The Edge of America” and home to BLU Restaurant & Bar overlooking the Atlantic Ocean. In addition to these two hotels, Avocet Hospitality manages Avocet Properties, a beach rental, property management and real estate firm on Folly Beach, as well as St. Barth Exclusives, a luxury villa rental company on Saint- Barthélemy in the French West Indies.
Link to Avocet Hospitality Group Media Kit: http://bit.ly/2c0ie0A