Embassy Suites Memphis sells for $24.8 million26 Nov, 2013
An affiliate of Chicago-based hotel asset manager Lodging Capital Partners LLC has paid $24.8 million for the Embassy Suites Memphis hotel in East Memphis. The affiliate, 1022 South Shady Grove LLC, bought the 220-room hotel in a special warranty deed from 1022 Shady Grove LLC, an affiliate of Potomac, Md.-based Haberhill LLC.
That company had acquired the hotel in 2007 for $18.9 million from Embassy Equity Development Corp.
Built in 1989, the 173,019-square-foot hotel sits on almost four acres along the east side of South Shady Grove Road north of its intersection with Poplar Avenue.The Shelby County Assessor of Property’s 2013 appraisal is $18.7 million.
The deal marked Lodging Capital Partners’ first Tennessee acquisition, according to its website. Current hotels in the company’s portfolio include The Drake Hotel in Chicago and properties in California, Texas, Oregon, Michigan and Hawaii.Topic : Embassy Suites Memphis
External Source : Memphis Daily News
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