Housing Authority of Middlesborough Awards Facilities Contract to 865 Hospitality Developer Llc (May 2026)

The Executive Committee authorized a 99-year ground lease with 865 Hospitality Developer LLC for a $220 million condotel project, yielding UT $750,000 in annual base rent plus percentage rent and dedicated University space within the building. The agreement includes long-term purchase options for the hotel unit and various operational and branding protections for the University.

Scope & details

The full contract record, as filed.

Contract amount

Annual base rent of $750,000 plus percentage rent based on hotel operating revenues thresholds; University contributes up to $4,000,000 for buildout of 5,000 sq. ft. University space

Contract type

FACILITIES

Contract term

99-year Condotel Ground Lease; University purchase option at year 50 and every 10 years thereafter

Renewal

Initial 99-year term with option for UT to purchase the Hotel Unit at the 50th anniversary and every 10 years thereafter via appraisal-based fair market value; lease may terminate earlier upon default or condemnation.

Document type

AgendaPacket

Source document

University of Tennessee Board of Trustees Executive Committee Agenda Packet 2026-05-04

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University of Tennessee Executive Committee Agenda May 2026

APPROVED

The University Of Tennessee System Office, Tennessee$220 million development cost; annual Base Rent $750,000 plus Percentage Rent; University buildout budget $4,000,000 for 5,000 sq. ft.May 2, 2026

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the facilities contract by Housing Authority of Middlesborough?

865 Hospitality Developer Llc was awarded this facilities contract by Housing Authority of Middlesborough, as recorded on May 4, 2026. The contract value is Annual base rent of $750,000 plus percentage rent based on hotel operating revenues thresholds; University contributes up to $4,000,000 for buildout of 5,000 sq. ft. University space.

How much is the 865 Hospitality Developer Llc contract with Housing Authority of Middlesborough worth?

The 865 Hospitality Developer Llc contract with Housing Authority of Middlesborough is valued at Annual base rent of $750,000 plus percentage rent based on hotel operating revenues thresholds; University contributes up to $4,000,000 for buildout of 5,000 sq. ft. University space, covering facilities work.

What type of contract is this?

This is a Facilities contract, documented as a agendapacket record.

Where was this contract approved?

This contract appears in University of Tennessee Board of Trustees Executive Committee Agenda Packet 2026-05-04 (AgendaPacket), dated May 4, 2026 from Housing Authority of Middlesborough. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does 865 Hospitality Developer Llc hold?

865 Hospitality Developer Llc may hold additional government contracts. View their full contract history, the agencies they serve, and total tracked spend on their Civic IQ vendor profile.

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What is Housing Authority of Middlesborough currently buying?

Explore Housing Authority of Middlesborough's vendors, signed contracts, and active RFPs on their Civic IQ agency profile.

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