Hyatt Place Opens Doors in Knoxville
ByA new 165-key hotel has opened for business in an iconic, century-old building in downtown Knoxville, Tenn. Branded as the Hyatt Place Knoxville/Downtown, the building is owned by Dover Development and operated by White Lodging. Dover Development acquired the asset in 2014 for $3.7 million, according to public records.
Located at 530 S. Gay St., the hotel opened in 1917 and was named for Knoxville-area native David Glasgow Farragut, Union admiral in the Civil War. The building was almost completely gutted in the 1980s to transform the former hotel into office space. While some tenants had initially leased offices in the property, the asset fell largely vacant in recent years. Work to transform the space back into a hotel began in 2016 and was financed by a $2.9 million HUD loan. As an additional incentive, the city provided a 25-year PILOT tax abatement to Dover Development…
