VOL. 118 | NO. 13 | Thursday, January 22, 2004
Holiday Inn revamped, sold to new owners
Revamped Holiday Inn Changes Hands
New owners plan more improvements to increase business
The Daily News
Following a year of extensive renovation, a Holiday Inn
hotel at Mt. Moriah Road in Memphis has been sold.
Changing hands. Tanglewood Hospitality Venture Inc.,
an Illinois-based corporation, sold the 197-room hotel to Veer Enterprises LLC for
$3.8 million, according to The Daily News Public Records Database.
Liz Smith, general manager of the 30-year-old hotel, said
the Memphis hotel is Veer Enterprises fourth hotel property. Other hotels
owned by the Memphis-based company are located in Arkansas and Mississippi.
The Memphis property is the company's first full-service
Ocean Hospitalities, the Holiday Inns management company,
will be retained, along with the hotel's 85 employees.
Improved property. Smith said the new owners interest
in the hotel was due in part to its potential for an increase in business.
The hotel, located at 2490 Mt. Moriah near American Way,
recently underwent about $1 million in renovations. Smith said occupancy at the
hotel has not been bursting at the seams, but that the hotel did well overall
"We didn't necessarily have a busy last quarter, but we
stayed busy all of last year even during a time of a lot of renovation,"
Smith said. "There was a lot of stuff that added up to make a difference.
"We did well considering the condition the property was
in thanks to construction."
Upgrades. Renovation work included the installation
of new vinyl flooring in all the hotel's public areas and upgrades to the
restrooms. It also included new bedding and air conditioning units for every
guest room, and the addition of micro-refrigerators to every room.
Exterior work at the hotel property included landscape
New amenities. Smith said Veer Enterprises officials
have hinted at making more additions to the hotel, ones that could increase
occupancy by the typical business traveler.
Theyre looking at it from the perspective of, What else
can we do to make it better for the people who come into the area? she said.
One proposal is to add high-speed Internet access to each of
the hotels guest rooms.
Attracting customers. During the past few years,
businesses surrounding the hotel have experienced a decline in customer
A former Dennys restaurant sits vacant across the street
from the hotel.
The Tennessee Department of Transportation has been
conducting major roadwork nearby on Interstate 240, a project that has limited
access to the area for several months. Also, the nearby Mall of Memphis closed
its doors on Christmas Eve.
The mall is an eyesore, Smith said. But there are other
nearby malls, such as the Hickory Ridge Mall, if people want to go to one.
Smith added that the Mall of Memphis closing didnt affect
business at the hotel, which she said generally does well in attracting large
groups, as well as out-of-town visitors to major sporting events in the city.
She said the hotel also books a fair amount of air travelers,
thanks to a complimentary hotel shuttle service that transports customers to
any location within 5 miles of the hotel, including Memphis International
Better days. Smith said although the area around the
Mall of Memphis has seen better days, owners of businesses surrounding the
now-vacant property believe there is hope for a better tomorrow. She noted that
several business owners in the area have talked about trying to jumpstart
The hotel has already taken steps in that direction, she
Renovation was the first thing that had to be done, Smith
said. The hotel wasnt totally falling apart, but there have been significant
improvements to the hotel both inside and out.
The property looks good now.