KNOXVILLE, Tenn. — The nearly 40-year-old Holiday Inn World's Fair Park and tony Tennessean hotel are being sold to an Ohio investment company.
Owner Nick Cazana confirmed in an announcement Tuesday the sales, expected for several weeks.
The deal is expected to close soon and the sale price has not been disclosed.
Rockbridge Capital of Columbus, Ohio, is buying the properties off Henley Street.
But Cazana, managing partner of ownership group Commercial and Investment Properties of Knoxville, will continue to own the 12 condos on top of the Tennessean, according to Tuesday's announcement.
As 10News previously reported, Marriott is expected to become the new operator of the Holiday Inn, which opened in conjunction with the 1982 World's Fair. The Cazana group acquired the Holiday Inn in 2009.
Knoxville City Council on Tuesday night was set to review a plan by RB Hotel Knoxville LLC to spend what's billed as $20-million plus to renovate the Holiday Inn. Plans would address the 286 rooms as well as the on-site restaurant, lounge and meeting spaces.
Cazana opened The Tennessean in 2017 in a former state office building adjacent to the Holiday Inn. It features 82 rooms and has gained a reputation for luxury and first-class service. Southern Living named it among the South's best hotels for 2018.
Rockbridge Capital lists 46 hospitality properties in 19 states that include the Marriott, Hilton and Hyatt brands.
The hotels will be managed by Aimbridge Hospitality, according to Tuesday's announcement. Aimbridge, of Plano, Texas, is involved in hotel management and development.
It identifies itself as the "nation's largest independent hotel investment and management firm" on its website.
In addition to the Plano corporate office, it has regional quarters in Chicago, California and San Juan, Puerto Rico.