Ramada Inn Gets Makeover, Becomes Cedar Hotel
- Mar 30, 2012
The former Ramada Inn at 1471 Brooks Road is getting a multimillion dollar facelift from a group of Chicago investors. According to The Memphis Daily News, Cedar Street Hospitality purchased the 245-key hotel in a 2010 auction for $1.55 million. Re-branded as the Cedar Hotel under the Clarion umbrella, the property underwent a $3.5 million renovation process. Originally, the investors planned to spend $6 million in renovations—but the hotel was in better condition than expected.
The hotel’s iconic lounge, Dad’s Place, will reopen to feature live music with Elvis tribute shows Wednesday through Saturday—as it was frequented by the music icon. The three-star Clarion Cedar Hotel will also host the Oak Room, a lobby-level blues bar, while an on-site Trumpets Restaurant will serve Southern cuisine. Additionally, Cedar Street Hospitality has bought a plot of land to the east of the 1974-built hotel and plans to establish an urban garden.
The Clarion Cedar Hotel is expected to open in May this year.
Cedar Street specializes is renovating and redeveloping distressed properties, mainly apartment complexes. The group owns over 1,000 units in Chicago, according to the Memphis Business Journal.
In other hospitality news, Memphis Airport Hotel & Conference Center at 2240 Democrat Road in Nonconnah Corporate Center has been financed for $6.6 million in two loans through Cecil Bank. The Memphis Daily News reports that $5 million will come from a Small Business Administration federal program assisting small businesses using tax revenue.
Alpha Hospitality Ventures bought the 270,000-square-foot, five-story former Holiday Inn for $4.4 million in a July 2011 foreclosure auction, this after Riya Parikh Memphis LLC defaulted on a $12.8 million loan at PNV Bank NA. Alpha’s purchase was financed by a $4 million open-end mortgage through Cecil Bank.
Built in 1974, the 374-key hotel features over 30,000 square feet of conference space, a restaurant and a fitness facility. The Shelby County Assessor’s appraisal of the property was $5.5 million.
Photo credit: The Cedar Hotel’s Facebook page