Aimbridge Hospitality, the nation’s largest hotel management firm, and Tenneva, a local real estate company, held a ceremonial groundbreaking June 7 for a new Holiday Inn and Suites by IHG.
A group of 60 business and community representatives gathered at the construction site for the official launch of the $20 million project, situated directly adjacent to the Bristol Chamber of Commerce near the intersection of Volunteer Parkway and West State Street. Scheduled to open in the fall of 2020, the new facility is downtown Bristol’s first nationally branded hotel.
The hotel’s location will place guests within walking distance of downtown restaurants, entertainment, shopping and businesses. The nearly 112,000-square-foot, six-story building will offer 141 guest rooms, 5,800 square feet of meeting and banquet space, an indoor pool and fitness center, and a full-service restaurant and bar. In addition, the hotel’s 3,600-square-foot roof-top lounge, meeting space and outdoor gathering areas will overlook State Street and provide scenic mountain views.
Tenneva is a limited liability company owned by Bristol resident Fred Slaughter. The property where the hotel will be built was purchased in 1938 by Slaughter’s late father, Arthur. The company was founded with the intention of repurposing the property for a project built, financed and staffed by Bristolians, according to Slaughter.
“In addition to Aimbridge Hospitality, Tenneva has partnered with Intercontinental Hotel Group (IHG) on this project,” Slaughter says. “IHG licenses the Holiday Inn and Crowne Plaza brands, while Aimbridge Hospitality currently manages or owns 850 upscale independent and brand hotels across the United States and the Caribbean. Together, we are delighted to bring this cornerstone development to our city, with the goal of making a positive impact on downtown Bristol.”
The Holiday Inn and Suites by IHG will be owned and operated by Tenneva, and will create 85 permanent full-time hotel and restaurant jobs with an average pay of $20 per hour, plus benefits. Once it opens, the hotel is expected to have a $7.7 million-per-year estimated impact on the local economy.
“We are pleased to see this exciting new development taking place in the heart of our city, which will bring more attention to Bristol’s iconic downtown district, and help attract more visitors and events here,” says Beth Rhinehart, president and CEO of the Bristol Chamber of Commerce. “The addition of the Holiday Inn and Suites by IHG will significantly contribute to Bristol’s success, and we greatly appreciate the investment of Tenneva and its partners in our local community.”
In early 2018, the Bristol City Council approved a series of changes to create a business expansion zone along the West State Street corridor, including the allowance of buildings up to six stories tall, which helped move the hotel project forward. Upon completion, the hotel is expected to generate more than $400,000 in tax revenue annually.