Ardent affiliate buys long-delayed South Asheville Hyatt Place at auction for $18.5M

A stalled 108-room Hyatt Place at 329 Rockwood Road in South Asheville was sold at a bankruptcy auction in August 2025 for $18.5 million to AFF V HP AVL OWNER LLC, a subsidiary of Atlanta-based asset manager The Ardent Companies. The sale closes a chapter of repeated delays, contractor suits and creditor action that left the hotel unfinished and the site gated off to the public.

Plans for a Hyatt Place near Asheville Regional Airport date back to a 2016 conditional zoning application, with site plans completed in 2019. Owner PMHB LLC, led by Pratik Bhakta, repeatedly postponed openings that were first targeted for 2022 and then pushed to 2025. Construction photos and site visits showed windows installed but many interior room walls still bare and exposed, with caution tape and a construction worksite sign visible outside the property.

Financial and legal troubles escalated in early 2025 when The Ardent Companies sued PMHB LLC in February over a promissory note with a $12.5 million principal that reporting says had “ballooned to over $17 million.” PMHB filed for bankruptcy in March 2025. The August 2025 auction transferred the property to AFF V HP AVL OWNER LLC for $18.5 million; reporting notes that The Ardent Companies did not respond before publication.

The transaction removes a high-profile unfinished asset from local limbo, but several practical steps remain before guests can check in. Hyatt has listed the Rockwood Road address as a location and Hyatt spokesperson Anna Sczepanski said Hyatt “anticipates the troubled location to open ‘later this year.’” PMHB owner Pratik Bhakta told reporters, “Absolutely, our plan is to open the hotel,” and added, “We are seeking reorganization to foster a path forward for the property to open, operate and pay its debt obligations.”

For Buncombe County, a finished Hyatt Place would mean 108 additional rooms marketed under a national flag, plus the planned restaurant, bar and rooftop views toward the airport. That could lift lodging inventory near Asheville Regional Airport, increase local sales and occupancy tax receipts, and create construction and hospitality jobs once work resumes. The hotel’s proximity - less than a mile from the airport - makes it a strategic asset for airport travelers and business visitors.

Key unknowns include whether AFF V HP AVL OWNER LLC has filed building permits, whether Ardent will assume remaining contractor contracts or liens, and the bankruptcy court’s sale order details. Local permitting and code-clearance remain prerequisites for a certificate of occupancy and brand opening. Residents and local officials should watch city permit records and bankruptcy filings for confirmation of construction plans, timelines and any reassignment of outstanding contractor claims.

This sale marks a potential turning point for a long-empty site on Rockwood Road, but the project’s completion hinges on paperwork, contractor agreements and city approvals before the rooms begin generating tax revenue and paying local wages.