Closed first motel deal...made front page on local news :)

[Albert D.]

Closed the deal earlier this week.  Onsite manager forwarded me the article today.  Unexpected but happy to have the free coverage.  :)

Grand Prix Motel now under new ownership

• By JULI WATSON NEIL Staff Writer
• 18 hrs ago
• (…)

Curt Habraken/The Mountain Press

GATLINBURG -- Situated on Ski Mountain Road just before drivers begin the climb to higher elevations is a 32-unit motel that once had its own shuttle van for Appalachian Trail hikers. The Grand Prix Motel is now in the hands of a new owner who plans to renovate and refurbish the vintage two-story building.

Contacted by The Mountain Press on Thursday, Grand Prix manager Tricia Jeter confirmed that the motel sale took place on Monday. The former Floridian and her husband met former owner Stephen Koon when they moved to Sevier County, Jeter said, and it was he who recommended to new owner Shengyi Du that Jeter work as the manager of the Grand Prix.

"It almost fell in my lap," the experienced property manager said of how she came to her position at the Gatlinburg motel. "He (Du) is remodeling the place, renovating the rooms, repainting." Jeter said that the property will lean more toward weekly and monthly rentals than overnight stays. "We're adding kitchens," she said.

"We want it to be upper-scale, a boutique property and not just a generic lodge."

According to Sevier County records, this week's sale of the property at 235 Ski Mountain Road from Koonsein Ventures Inc. to Ski Mountain LLC was for $800,000. County records show the same property sold in 2003 for $965,500.

The lower Ski Mountain Road area is one of two sites near downtown Gatlinburg that were identified last November as potential redevelopment districts. The area in and around lower Ski Mountain Road consists of 40.6 acres and 61 platted lots, while the East Parkway at Newman Road area contains 26 acres and 29 platted lots.

In March, the first urban renewal and redevelopment zone in Gatlinburg was officially established. Known as the East Parkway at Baskins Creek Bypass Area, the zone consists of approximately 10 acres and 26 parcels. LHP Capital, Development and Management was selected as the firm that will redevelop the district.

Jeter said she was familiar with the shuttle van and with the motel's past popularity with Appalachian Trail thru-hikers.

Though the motel no longer has the van, Jeter said she looks forward to restoring the lodging facility and welcoming new guests.

A name change is in the motel's future, she said, and will be announced soon. Jeter said she is already planning to attend her first networking event on Nov. 28, when the Gatlinburg Chamber of Commerce hosts its annual banquet.