HREC arranges sale of Crowne Plaza Memphis Downtown Memphis, Tennessee

HREC Investment Advisors has arranged the sale of the 230-guestroom Crowne Plaza Memphis Downtown in Memphis, Tennessee.

Nagib Lakhani of ReMax Hospitality Consulting Services, Inc., out of Issaquah, Washington, led a private equity group in the acquisition. 

Scott Stephens (COO & Senior Principal – Tampa) and Pat Culligan (Principal – Memphis) exclusively represented GE Capital during the transaction. “This is the fifth hotel we have sold in Memphis and it highlights a new era of capital infusion from sophisticated investors who understand the positive dynamics of the Memphis market,” Pat Culligan, Principal of HREC, said in a statement. “The buyer and seller worked through a complicated transaction that included a land lease and atypical real estate tax considerations.”

Virtual Event


Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.

The Hotel occupies a permanent location in downtown Memphis across Interstate 40 from the Bass Pro Shops Superstore and St. Jude’s, and it is within easy walking distance to the Cook Convention Center. The Downtown Memphis hotel submarket is supported by corporate, tourism and convention business. 

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