Memphis extended-stay hotel sold for $4.8M

The Campaige Place extended-stay hotel in Memphis, Tenn., was sold for $4.8 million.

TN Campaige, a Tennessee limited liability company with an undivided 87.5 percent interest, and WI Memphis, a Tennessee limited liability company with an undivided 12.5 percent interest, purchased the five parcels assigned to the property.

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Campaige Place Memphis One, a Tennessee limited liability company, owned the 286-unit hotel since 2004. Built in 1988, the property has a combined tax appraisal value of $2.8 million.

A $3.9 million loan was filed at the time of sale through Triumph Bank. The five-year loan matures in August 2020.

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