Rockbridge Acquires The Tennessean Hotel and Holiday Inn Knoxville Downtown Hotel

USA, Columbus, Ohio. February 05, 2019

Rockbridge announces the acquisition of The Tennessean Hotel and the Holiday Inn Knoxville Downtown Hotel, both of which sit in prime locations in downtown Knoxville. Aimbridge Hospitality will manage both hotels.

“We look forward to delivering a transformational renovation to the Knoxville Community that will bring economic prosperity to the region,” said Jim Merkel, Rockbridge CEO. “Matt Welch, who led this investment for Rockbridge, was instrumental in delivering our core values, that will result in a win-win-win for our customers, the Knoxville Community, and our investors.”

The Tennessean features 82 guest rooms and offers full-service dining in the Drawing Room Restaurant. Situated near the banks of the Tennessee River, guests have easy access to attractions in Knoxville, including a variety of historic landmarks, outdoor recreational activities, and a vibrant arts, theatre and culinary scene. Less than an hour drive from the Great Smoky Mountain National Park, Knoxville is also home to The University of Tennessee.

The 286-room Holiday Inn Knoxville Downtown will undergo a comprehensive renovation which will touch almost every area of the property including guest rooms, lobby, meeting space, restaurant/lounge and exterior. The hotel is ideally located adjacent to the Knoxville Convention Center and within walking distance to many attractions, including the Knoxville Museum of Art, historic Market Square, and the University of Tennessee. 

“It's an honor to partner with Rockbridge, and we are proud to add these two hotels to our management portfolio,” said Dave Johnson, Chairman and CEO at Aimbridge Hospitality. “We look forward to providing world class service, and the positive results this partnership will produce.” 

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Revenue Management: Focus On Profit

Revenue Management is still a relatively new profession within hotel operations and as such, it continues to evolve. One significant trend in this area is a shift away from using revenue as the foundation to generate key performance indicators (KPIs) and to instead place the emphasis on profit. Traditionally, revenue managers have relied on total revenue per available room (TrevPAR) and revenue per available room (RevPAR) as the basis of their KPIs. Now, some revenue managers are using gross operating profit per available room (GOPPAR) as their primary KPI. This puts profit at the center of revenue management strategy, and managers are increasingly searching for new ways to increase the profitability of their hotels. Return on Investment is the objective of any hotel investment, so it is only logical that profitability and ROI will be emphasized going forward. Another trend is an expanded focus on direct hotel bookings. Revenue managers know that one way to increase profitability is to steer guests away from online travel agencies (OTAs) and book directly with the hotel. This tactic also reinforces brand identity and loyalty, and encourages repeat business. In addition, it provides a valuable platform to market the hotel directly to the customer, and to upsell room upgrades or other services to them. Another trend for revenue managers involves automation in their software programs. Revenue management systems with automation are far more desirable than those without it. Automating data entry and logistics increases efficiency, allowing managers to spend more time on formulating strategy. As a bonus, an automated system helps with aggregating and interpreting data. The October issue of the Hotel Business Review will address these developments and document how some leading hotels are executing their revenue management strategies.