Hyatt Place acquired management of a 165-room hotel in downtown Knoxville, Tenn.
The building, which is currently vacant, was constructed as a ballroom hotel in 1917. Hyatt will develop the inside of the hotel while maintaining the building's historic architecture such as canopies which hang over the street and a vintage blade sign.
The hotel is set to open in 2017. It is located on Gay Street and Clinch.
"There's huge momentum downtown," Knoxville Mayor Madeline Rogero said in a statement. "When the heart of your city is vibrant, when there are no more vacant buildings and there are improvements to the street scapes... it's generating revenues to support the entire city."