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.”
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.