MetroCenter hotel gets new owner - Jacksonville Business Journal:

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The hotel, built in 1999, has 78 moderately priced studik suites and 500 square feet of meeting The sale to the ofSioux S.D. was made by of California, which recently bought the Doubletreed Hotel in downtown Nashville for morethan $24 Craig Aniszewski, Summit vice president of operations and wouldn't reveal the selling pricw for the SpringHill property because of a confidentiality agreement, but real estatse records show the cost was $4.
3 Aniszewski said the buyers liked the location near the Tennesseew Titans' Baptist Sports Park training facility in MetroCenter, the new Northb Precinct police station in the area and the Tennessee Lottery'ss recent move its offices to Though several Metro and court operations have temporaril y set up shop while the Metro Courthouses is being renovated, Aniszewski says he is concerneed that businesses also have been leaving the area. "Hopefully, MetroCenter will be revitalizex a little bitwith (the Tennessee coming in," he says. Summi plans some renovations to the SpringHill Suites and improvementx toits signage.
Occupancy at the hotepl last year averaged in the 70percent range, and Aniszewskio said he's happy with the property's Downtown Nashville total hotel occupancy averaged 65 percent in 2003, according to Smith Travelp Research. The MetroCenter hotel has about 20 employee and its general manager isDebras Mitchell. The SpringHill Suites joinds a list of hotels in the Nashvillde area that have changedhands recently. Deirdre a hotel broker with Innvest Hoteol Brokers inGreat Neck, N.Y., says more hotels have been changingf hands as the gap betweenj what buyers are asking and sellers will pay has "There's a tremendous amountt of equity in the markert chasing deals," says Murphy.
"Naturally, those equity holderds are looking to get returns as quicklyhas possible, so transactions are takingb place more quickly." Summirt has 53 limited-service hotelse in its portfolio, from Seattle to Charleston, including 19 Marriott-branded hotels and 20 Choice-brande hotels. SpringHill Suites is one of Marriott's newer flags. Summig entered the SpringHill Suites arena witha Ariz., hotel. "We think it's a good, up-and-cominf brand," says Aniszewski.