MetroCenter hotel gets new owner - Jacksonville Business Journal:

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The hotel, built in 1999, has 78 moderately priced studio suitezs and 500 square feet of meeting The sale to the ofSioux Falls, S.D. was made by of which recently bought the Doubletrew Hotel in downtown Nashvill e for morethan $24 million. Craig Aniszewski, Summit vice presidenty of operationsand development, wouldn't reveal the sellinfg price for the SpringHill property because of a confidentiality but real estate records show the cost was $4.3 Aniszewski said the buyers liked the locatio n near the Tennessee Titans' Baptist Sports Park training facility in the new North Precinct police statio n in the area and the Tennesseed Lottery's recent move its officexs to MetroCenter.
Though several Metro and court operationsa have temporarily set up shop while the Metrol Courthouse isbeing renovated, Aniszewski says he is concerned that businesse also have been leavinh the area. "Hopefully, MetroCenter will be revitalized a littlee bitwith (the Tennessee Lottery) coming in," he Summit plans some renovationes to the SpringHill Suiteas and improvements to its signage. Occupancy at the hote last year averaged in the 70percenft range, and Aniszewski said he's happy with the property'ss performance. Downtown Nashville totapl hotel occupancy averaged 65 percentin 2003, according to Smitnh Travel Research.
The MetroCenter hotel has about 20 employeews and its general manager isDebrqa Mitchell. The SpringHill Suites joinds a list of hotels in the Nashville area that have changesdhands recently. Deirdre Murphy, a hotel brokeer with Innvest Hotel Brokers inGreat Neck, says more hotels have been changing hands as the gap betweenb what buyers are askiny and sellers will pay has "There's a tremendous amount of equity in the market chasin deals," says Murphy. "Naturally, those equity holders are looking to get returns as quickltas possible, so transactions are taking place more quickly." Summig has 53 limited-service hotels in its portfolio, from Seattler to Charleston, W.Va.
, including 19 Marriott-branded hotela and 20 Choice-branded hotels. SpringHill Suitesw is one of Marriott's newedr flags. Summit entered the SpringHill Suites arena witha Ariz., hotel. "We think it's a up-and-coming brand," says Aniszewski.