The Red House Hotel in Chattanooga, Tenn., was acquired by Historic Read House Associates.
The hotel’s new owner is a subsidiary of Avocet Hospitality Group. The property was sold by Read House Investors, which has owned the property since 1994. Avocet entered into a sale agreement for the property in May 2016, but closed on the deal as of Aug. 31.
The 242-room hotel was built in 1926, and is located on Broad Street in Chattanooga. It is the third property in Avocet’s portfolio, joining the Tides Folly Beach and the Vendue in Charleston, S.C. Avocet said in a statement that its goal is to acquire and reposition these hotels.
“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,” Jon Weitz, president and CEO of Avocet Hospitality Group, said in a statement.
Avocet is already selecting architects and contractors for the hotel’s overhaul, with the preliminary budget for the update sitting between $18 and $20 million. Renovations are expected by begin within the next year, and parts of the property are expected to remain open during the process.
“In the end, all 242 guestrooms will be completely renovated with updated technology, completely new bathrooms, and all new furnishings,” Weitz said. “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.”
The hotel is even home to a supposed haunted guestroom, though Avocet has yet to comment on whether or not the haunted room is expected to become an attraction.