Press Releases
Marcus & Millichap Arranges Sale of 62-Room Hampton Inn in Caryville, Tennessee
April 03, 2025
CARYVILLE, Tenn., April 3, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 62-room Hampton Inn hotel property in Caryville, Tennessee for $5,875,000.
“This transaction was a success for both the buyer and seller,” said Alexandre Duong, senior managing director investments. “Through a competitive marketing process that generated multiple offers, we ultimately secured an investor group that recognizes the hotel’s potential and plans to enhance its value with a new business strategy and renovation.”
Duong and Lucas Jalenak, investment specialists in Marcus & Millichap’s Cleveland and Nashville offices, had the exclusive listing to market the property on behalf of the seller. Duong and Kishan Patel from the firm’s Louisville office procured the buyer. Jody McKibben is Marcus & Millichap’s broker of record in Tennessee.
"The Hampton Inn Caryville has long been a convenient and popular destination for travelers from the Knoxville area and beyond,” said Jalenak, associate. “We’re pleased to have helped the seller successfully transition this well-located asset and look forward to seeing the buyer’s future enhancements."
Built in 1994, the 42,000-square-foot Hampton Inn Caryville is at 4459 Veterans Memorial Highway. Situated on Cove Lake, the property is positioned at the intersection of Interstate 75 and U.S. Route 25W, making it a key stop for travelers. Located 30 minutes north of Knoxville and within three hours of Louisville, Nashville and Atlanta, the hotel attracts visitors to Knoxville, the University of Tennessee and nearby outdoor destinations such as Cove Lake State Park and Lake Norris.
“This transaction was a success for both the buyer and seller,” said Alexandre Duong, senior managing director investments. “Through a competitive marketing process that generated multiple offers, we ultimately secured an investor group that recognizes the hotel’s potential and plans to enhance its value with a new business strategy and renovation.”
Duong and Lucas Jalenak, investment specialists in Marcus & Millichap’s Cleveland and Nashville offices, had the exclusive listing to market the property on behalf of the seller. Duong and Kishan Patel from the firm’s Louisville office procured the buyer. Jody McKibben is Marcus & Millichap’s broker of record in Tennessee.
"The Hampton Inn Caryville has long been a convenient and popular destination for travelers from the Knoxville area and beyond,” said Jalenak, associate. “We’re pleased to have helped the seller successfully transition this well-located asset and look forward to seeing the buyer’s future enhancements."
Built in 1994, the 42,000-square-foot Hampton Inn Caryville is at 4459 Veterans Memorial Highway. Situated on Cove Lake, the property is positioned at the intersection of Interstate 75 and U.S. Route 25W, making it a key stop for travelers. Located 30 minutes north of Knoxville and within three hours of Louisville, Nashville and Atlanta, the hotel attracts visitors to Knoxville, the University of Tennessee and nearby outdoor destinations such as Cove Lake State Park and Lake Norris.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
