A vintage 9-story downtown Chattanooga hotel is going for $1,550,000 - at least thus far in the sale process.
Paul Parker, county real property manager, said there were four bidders for the former Park Hotel at the annual county property auction.
Great Western Land Acquisition Group had the high bid.
Mr. Parker said, "It goes to the Bid Off (verbal auction) on March 17 at 9 a.m. at the County Courthouse, fourth floor.
"Anyone wishing to increase the original high bid by at least 10 percent may submit a Letter of Intent (Real Property Office Form) to us by March 6, and they can participate in the verbal auction. The property will be sold for the highest and best bid."
Mr. Parker added, "There continues to be interest in the property and we are hoping for additional bidders. But if there are no additional bidders, the property will be sold for the original high bid price of $1,550,000.
"However, with additional bidders, the bidding will start at $1,705,000 (includes 10 percent increase)."
Mr. Parker said the property on E. 7th Street near Walnut can still be seen by appointment by contacting the Real Property Office at 209-6444.
The hotel was designed by famed Chattanooga architect R.H. Hunt. The county has long used it as the Newell Tower - named for former Sheriff Frank Newell.
The county is throwing in its IT Building that was constructed next door in 1981, replacing an older building that had been at the site.
The minimum bid price for both buildings was $1.5 million.
The Park Hotel was built in 1915. It featured a handsome lobby with adjoining reception room as well as the Sun Room with outstanding views on the top floor. When the county bought it, a modern skin was put on, covering up the Hunt exterior design.
The Park Hotel closed in 1963. It served as a retirement home until it was bought by the county in 1978 for $260,000. The adjoining property was acquired by the county the same year as a vacant lot.
Mr. Parker said the IT department moved out earlier and only his real property office is now in the Newell Tower.
Mr. Parker said Newell Tower is composed of an unfinished basement, six floors of finished office space, and three floors of unfinished space. Each finished floor includes its own break room, reception and men's and women's restrooms.
The IT Building is composed of a server room and office space on the first floor with the second and third floors each containing open work areas, break rooms and unisex restrooms.
The county earlier sold the former Mayfield Building just up the hill from the Park Hotel, and it was renovated by Lamp Post Properties and turned into offices. Named for former County Council member Jack Mayfield, it was originally the Elks Building.
The link to the county property sale website is www.hamiltontn.gov/realproperty