MCR acquires Staybridge Suites Chattanooga Downtown

MCR has acquired the Staybridge Suites Chattanooga Downtown, a five-story, extended-stay hotel with 124 suites in Chattanooga, TN. The hotel was purchased at over a 25% discount to MCR’s estimated replacement cost. MCR also has the opportunity to create additional value through (i) converting 13,000 sq. ft. of underutilized ground-floor space into additional guestrooms, retail or meeting space and (ii) monetizing the property’s large, 2.2-acre site offering excess development potential in a prime downtown location. This is the company’s fifth hotel in Tennessee.

Often called “The Scenic City,” Chattanooga sits in the foothills of the Appalachian Mountains and right along the Tennessee River. The city has a rich history, having served as a Civil War battlefield and as the grand central station for southern railway travel in the 19th and 20th centuries. Today, Chattanooga (a name derived from a Creek Indian word meaning “rock coming to a point”) is a hub for education, entertainment and commerce—and is poised to overtake Knoxville as Tennessee’s third-largest city in the next few years.

Located downtown next to the Chattanooga Convention Center, which hosts more than 60 major events annually, the hotel is a short walk from the Downtown Riverfront Central Business District, as well as the Southside Historic District and its many dining options. Also, a short walk away is the University of Tennessee at Chattanooga, which has a student population of more than 12,000, and Finley Stadium—home to the UT-Chattanooga Mocs and host to various community events, from concerts to professional soccer.

Chattanooga is also home to the Incline Railway up Lookout Mountain, the Hunter Museum of American Art and the Tennessee Aquarium. And at the end of the day, roll back to the hotel and relax in one of the queen studios, one-bedroom or two-bedroom suites—each with its own fully equipped kitchen. In the morning, start your day working up a sweat in the fitness center or taking a dip in the heated indoor pool. Then fuel up for the day with the complimentary breakfast buffet.

Business travelers will always stay on track thanks to the hotel’s central downtown location, as well as amenities including complimentary high-speed, wireless internet access and an on-site boardroom. A growing hub for education, medical and other corporate demand, Unum, BlueCross BlueShield and Covenant Logistics have all established a significant presence in Chattanooga. The city is also home to a three million sq. ft. assembly plant for Volkswagen.

The Staybridge Suites Chattanooga Downtown is located at 1300 Carter St. and features:

  • 124 pet-friendly suites with kitchenettes
  • Complimentary breakfast buffet
  • A grab-and-go market offering snacks and beverages
  • Free, fast WiFi
  • A heated indoor pool
  • A fitness center
  • On-site guest laundry facilities
  • A 24-hour business center
  • An on-site boardroom