New Owners to Develop 450-Key Hotel at Graceland; Motel Sold by Developers
- May 16, 2014
By Eliza Theiss, Associate Editor
Graceland is about the get a major expansion. Elvis Presley Enterprises Inc. (EPE), the entity that acquired the rights to Elvis Presley in November 2013, has announced plans for a new 450-key hotel on the Graceland premises I Whitehaven and has presented the first plans at a community meeting, reports myFoxmemphis.com.
EPE’s plans propose investing $70 million in private funds to develop a 450-key, six-floor hotel north of the Graceland mansion, at the corner of Elvis Presley Boulevard and Old Hickory Road. To blend in with the overall feel of Graceland, the new hotel, dubbed The Guest House at Graceland, will feature colors, interiors and roofing similar to Elvis’ old home. The project would feature several Elvis-themed suites, a restaurant and a sports lounge. The site of the future hotel is currently occupied by several structures, among them an old car dealership. However, EPE has already started tearing down several old apartment buildings, to clear the site for The Guest House. The Whitehaven community is reportedly excited about the development as they expect the new hotel to attract similar businesses to the area that will spur development and increase Whitehaven’s tax base.
In other hospitality news, a former Best Western Travelers Inn on U.S. 78 in Oakhaven has been purchased for $1.3 million, reports The Memphis Daily News. Radha Hospitality L.L.C. picked up the property from Anil and P.V. Shah via a special warranty deed. In conjunction with the purchase, the buyer filed a $1.2 million deed of trust through the seller.
Built in 1994, the motel occupies 5.8 acres on the east side of Lamar Avenue. It was developed by the previous owners who bought the land for $210,000 in 1991.
Image courtesy of Jan Kronsell via Wikimedia Commons