Paramount Lodging Advisors Closes Sale of 118-Key Memphis Hotel
- Dec 04, 2013
Paramount Lodging Advisors (PLA) completed the sale of the 118-key Drury Inn & Suites Northeast Memphis on behalf of DSW Inns LLC, announced the hospitality industry-centric brokerage and advisory firm. According to a company news release, the property registered high interest among buyers, with 160 entities expressing interest to pick up the property, “many of whom were attracted to the deal by Drury’s exceptional overall reputation as a company and developer.” Senior Associates Adam Montufar and Brent Clemens represented the seller. “The rebranding requirement did create some challenges,” but the needs were addressed, said Montufar. Montufar credited previous experience as the key to smoothing out all the necessary details.
The property was picked up by a regional investor, who has since converted the property to a Quality Inn & Suites. The Shelby County Register of Deeds data revealed the buyer as Kali Hospitality Ltd. The Humboldt, Tenn.-based company paid $4.05 million for the 1556 Sycamore View Rd. property, filing a $3,707,000 mortgage with Fidelity Bank in conjunction with the acquisition.
The hotel, located in the neighborhood of Bartlett, near I-40 and the University of Memphis, features amenities such as a business center, meeting room, workout facility, indoor pool and complimentary onsite parking, capable of accommodating cars, trucks and buses. Room amenities include complimentary high speed Wi-Fi and flat screen TVs.
According to the Shelby County Register of Deeds, Cape Girardeau, Mo.-based DSW Inns LLC acquired the property from Drury Hotels Co. LLC in 2009 in a quitclaim deed. According to PropertyShark.com’s assessment, the 62,068-square-foot hotel, built in 1994, had a total market value of $3,766,000 in 2013. The five-story property sits on a 1.78-acre parcel.
Photo courtesy of Paramount Lodging Advisors