The owner of the Charlotte Avenue building home to a Marriott TownePlace Suites has paid $1 million for raw land located adjacent to the hotel, according to a Davidson County Register of Deeds document.
Of note, the 0.39-acre property previously was eyed for a Waffle House (read more here).
The seller of the unimproved property, located at 1510 Charlotte Ave., was Waffle House Inc. A related entity paid $575,000 for the site in 2014, according to Metro records.
The new owner is Charlotte Avenue Lodging LLC, which is affiliated with Chattanooga-based 3H Group Hotels. 3H owns the hotel building at 1508 Charlotte Ave.
The transaction is the equivalent of about $59 per foot based on acreage. For comparison, a 0.73-acre improved property located nearby at 1718 Charlotte Ave. recently sold for $2.9 million, the equivalent of about $91 per foot based on acreage (read here).
3H Group Hotels could not be reached for comment regarding its plans for the site, and the Post was unable to determine if brokers were involved in the transaction.