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Newport Red Roof Inn property sold for $1.1 million

(c)2013 NPT PHOTO BY DAVID POPIEL

Todd Thompson of Thompson Car Real Estate & Auctions started the bidding
for the Newport Red Roof Inn property at $800,000 Thursday afternoon.
Published: 9:05 PM, 06/14/2013 Last updated: 9:05 PM, 06/14/2013
 

Author: David Popiel
Source: The Newport Plain Talk

The Red Roof Inn property in Newport was sold for $1.1 million to a Gatlinburg hotel owner after a foreclosure on Thursday afternoon.

Thompson Carr Real Estate & Auction handled the 2 p.m. sale that followed just minutes after Citizens National Bank (CNB) of Sevierville executed a foreclosure. About three dozen people were at the former restaurant location inside the building.

Bidding opened at $800,000 with bidders from Florida, Virginia, and North Carolina along with local business and property owners. Bibben Patel placed the winning bid after no one would offer $1,150,000.

Patel was not at the sale but was represented by his son, Kenny Patel, who was bidding over a telephone. Todd Thompson auctioned the property, known as the former Holiday Inn property.

For more details, please see the weekend edition of the Newport Plain Talk.

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