BRISTOL, Va. – An Asheville, N.C.-based hotel firm is buying the Holiday Inn Hotel and Suites near Interstate 81’s Exit 7.
Hulsing Hotels, which operates eight other hotels in four other states, closed on the purchase Thursday, according to Jim Bowie, attorney for former owner Mack Trammell and his Trammell Properties. The Hulsing group also operates Holiday Inns in Johnson City and Asheville, N.C.
"The property is now under the operation of Hulsing Hotels Virginia Inc., who began operations on Thursday," Bowie said. "Hulsing plans some property upgrades and to promote group and association trade, which should mean more business for Bristol and the Tri-Cities area," Bowie said.
The complete transfer, including the Holiday Inn franchise is expected to be completed within a year, Bowie said.
Telephone messages left at the Hulsing group and the Holiday Inn weren’t immediately returned.
The Hulsing group also operates hotels in Kansas and Missouri, Bowie said.
Trammell is selling all of his hotels due to declining health, Bowie said.
Bowie declined to disclose the purchase price, but state property records show the 136,000 square-foot, 226-room hotel and convention center is assessed at $16.8 million.
The sale doesn’t include the neighboring Courtyard by Marriott, which is also on the market. Bowie said it likely will sell quickly.
"The Marriott is a much simpler operation and the name sells itself," Bowie said, adding "a lot" of potential buyers have expressed interest.
The 87,400-square-foot Marriott was built in 2003 and has an assessed value of almost $7.1 million.
dmcgee@bristolnews.com | (276) 645-2532
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