A New York City company has bought a downtown Chattanooga hotel that helped ignite a redevelopment of the city’s core more than a decade ago.
An affiliate of global investment firm KKR & Co. has purchased the DoubleTree by Hilton Hotel on the 400 block of Chestnut Street for $27.5 million from Chattanooga-based Vision Hospitality Group.
Mitch Patel, Vision’s chief executive officer, said the company is typically a long-term holder of its assets, but the sale of the 12-story DoubleTree made strategic sense.
“This particular hotel, it made sense,” said Patel. “People say don’t get emotionally attached. I’m one in which it’s difficult to do that. It was the right decision.”
He said he still believes in the Chattanooga market, where Vision has 13 hotels.