VOL. 121 | NO. 175 | Tuesday, September 5, 2006
Memphis Real Estate Recap
Hampton Inn-Memphis Changes Hands, Not Brands
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.