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VOL. 121 | NO. 175 | Tuesday, September 5, 2006

Hampton Inn-Memphis Changes Hands, Not Brands

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2700 S. Perkins Road
Memphis, TN 38118
Sale Amount: $7 million

     Sale Date:     Aug. 7, 2006

     Buyer:     VMN Memphis, LLC

     Seller:     Perkins Hotel Partners LP

     Loan Amount:     $6 million

     Loan Date:     Aug. 7, 2006

     Maturity Date:     Aug. 8, 2016

     Lender:     Countrywide Commercial Real Estate Finance Inc.

     Details:     Hampton Inn-Memphis on 2.16 acres east of Perkins Road north of American Way.
An unidentified group of investors from Fremont, Calif., paid $7 million for the hotel, which was built in 1994 and has 132 units.
Birmingham-based HP Hotels Inc. has been hired to manage the property for the new owners. HP Hotels president Mike Hines declined to identify the investors who purchased the five-story, 63,778-square-foot hotel.
HP Hotels will oversee $400,000 to $500,000 in renovations to the Perkins Road property. Immediate renovations will include repaving the parking lot and installing a new bedding system, new furniture and carpet, Hines said.
"We haven't been there that long to be able to give details on it," he said, adding the company hopes to have a list of possible renovations together in a couple of weeks.
The hotel will remain open while renovations are under way, and the work should be completed within six months, Hines said.
"It's not going to interfere with the guests at all."
Although the property is under new ownership, the hotel brand will not change. It has been relicensed as a Hampton, Hines said.
Currently, this is the only Memphis hotel managed by HP Hotels, a five-year-old company that operates 28 hotels across the United States.
The seller, Perkins Hotel Partners LP, is affiliated with Memphis-based Hampton Inn and Hampton Inn & Suites.
Hampton Inn and Hampton Inn & Suites are members of the Hilton family of hotels. Hilton's other Memphis-based brands are Embassy Suites and Homewood Suites by Hilton.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 31 327 17,870
MORTGAGES 49 409 20,835
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 129 800 36,616
BANKRUPTCIES 51 243 11,925
BUSINESS LICENSES 21 117 5,677
UTILITY CONNECTIONS 41 215 12,248
MARRIAGE LICENSES 29 121 4,478

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