Ten-x Auction: February 22, 2021 - February 24, 2021 - Starting Bid $1,800,000
- Marriott Branded Asset: The Fairfield Inn & Suites is an 86-room, upper-midscale hotel, built in 1999.
- Marriott Franchise License: A new owner/operator will have the opportunity to acquire a Marriott property with approximately 12 years remaining on the license, expiring in December 2032.
- Diverse Demand Generators: The hotel is positioned near many diverse demand generators such as the FedEx SuperHub, Graceland, and the University of Memphis.
- Significant Discount to Replacement Cost: The asset is being auctioned on Ten-X.com and is expected to trade at a discount to replacement cost.
- Prime Location: The property is located with excellent accessibility along Interstate 240, only five miles from the Memphis International Airport, and four miles from the University of Memphis. This allows the hotel to capitalize on the lodging demand from students and business travelers.
- Recently Renovated: The hotel has undergone approximately $1.5 million in renovations and can expect minimal Change of Ownership PIP due at transfer.
Property Overview:
The Fairfield Inn & Suites Memphis I-240 is an 86-room, four-story hotel, constructed in 1999. The upper-midscale hotel features an outdoor swimming pool and fitness center. Other amenities include a business center, snack bar, hot breakfast, and community-wide wireless internet. All spacious guest rooms offer a flat-screen television, refrigerator, microwave, and work desk.
Location Overview:
Graceland’s Entertainment Complex Expansion: With more than 750,000 people visiting Graceland annually, the new $45 million expansion including new meeting space and VIP experiences will continue to increase tourism numbers and revenue for the Fairfield Inn & Suites located only nine miles away.
Downtown Revitalization: With over $1billion in new downtown-area construction already in place, and an additional $2.5 billion set to be sent on future projects currently in the planning stages, Memphis is one of the few cities in the United States that has an almost fully booked development schedule.
Beale Street: Beale Street has not only played a significant role in Memphis’ history and the blues but with its plethora of restaurants and clubs, it has remained a major staple in the city with over 100,000 people from all 50 states and 20 countries attending the annual Beale Street Music Festival.
Memphis Barbecue Legends: The World Championship Barbecue Cooking Contest takes place annually in Memphis, drawing in crowds of more than 75,000 attendees and 250 teams, including teams from 26 states and six countries.
Memphis Business Expansions: Because Memphis is strategically located within three hours of every major crop being produced in the United States, companies such as AGTech and Vossloh North American Manufacturing are investing millions in expanding their presence in Memphis over the next two years while creating 1000 new jobs.
Memphis International Airport: Ranked the 5th busiest airport in the United, the Memphis International Airport (MEM) handling over 4.5 million passengers in the fiscal year ending June 30, 2019. FedEx’s sorting hub, The Matrix also handles 1.5M packages with 140 planes landing in Memphis every night.
City of Museums: Memphis is home to over 35 different museums across numerous genera including blues and rock ‘n’ roll, cotton, and civil rights with The National Civil Rights Museum, and the Slave Haven / Burkle Estate Museum focusing on educating visitors on the history of slavery and the underground railroad.
