Paramount Hospitality Management and Batson-Cook Development Company began development on a nine-story, dual-branded hotel on the corner of Church and State streets in the central business district of Knoxville, Tenn.
The project will comprise a 144-room Courtyard by Marriott and an 88-room Residence Inn. The $43-million development will include the brand’s latest design, which includes modern interiors, a rooftop lounge with views overlooking downtown Knoxville and a bar and café in the lobby. With a total of 166,544 square feet and a three-level parking deck, the hotel will be completed in the third quarter of 2018.
"We are excited to launch this partnership with BCDC by bringing a top quality lodging product to the vibrant downtown Knoxville market,” Nick Lakha, president, Paramount Hospitality Management, said in a statement. "Our new dual Marriott hotel will offer best-in-class service and experience for all travelers visiting Knoxville."
“This project is an excellent fit for BCDC as we continue to seek out the preeminent developers throughout the Southeast,” Litt Glover, CEO, BCDC, said in a statement. “Nick Lakha and his team have a proven track record of exceeding expectations in hospitality development and operations, and we are proud to be joining the team.”
The area around the new Courtyard by Marriott and the Residence Inn is experiencing a resurgence. It is a few blocks from Market Square, the culinary and cultural center of Knoxville. With nearly 6.2 million square feet of office space, downtown is home to many of the region's top corporate leaders, as well as hundreds of service, entertainment, retail, financial and professional businesses. The University of Tennessee is a major economic center for the region as well.
Paramount Hospitality develops, owns and operates leading-brand hotels in high-barrier-to-entry locations across the Southeast. The firm has either developed or operates more than $150 million in lodging products, and has nearly 1,000 rooms in its portfolio. Paramount’s management team also has more than six decades of experience in the hospitality sector.
BCDC has successfully leveraged its relationship with parent company Kajima USA to partner with developers on projects throughout the Southeast.
Paramount Hospitality is the lead developer and will operate the hotel. Both Paramount and BCDC are equity investors. BB&T is providing financing. The general contractor is Knoxville-based Blaine Construction Corp.