» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
TDN Services
Research millions of people and properties [+]
Monitor any person, property or company [+]

Skip Navigation LinksHome >
VOL. 130 | NO. 121 | Tuesday, June 23, 2015

Graceland Hotel Developers File $84 Million Construction Loan

By Amos Maki

Print | Front Page | Email this story | Email reporter | Comments ()

The developers behind a massive hotel near Graceland are ready to shake, rattle and roll on the project.

(Elvis Presley Enterprises; Inc.)

Guest House at Graceland LLC, formed to develop the hotel, has filed an $84 million construction loan for the 450-room resort-style hotel at 3600 Elvis Presley Blvd.

Lenders include Highbridge Principal Strategies Growth Equity and affiliated funds, along with Philadelphia Indemnity Insurance Co., Reliance Standard Life Insurance Co., Safety National Casualty Corp., Lincoln Investment Solutions Inc. and American United Life Insurance Co., according to public records.

Joel Weinshanker, who acquired the rights to the management of Graceland operations with Authentic Brands Group and the Presley family as partners, signed the loan for Guest House at Graceland LLC. The construction loan is the result of revenue bonds the city-county Economic Development Growth Engine approved for the project last year.

In December, EDGE approved issuing up to $124.5 million in revenue bonds to help fund a series of improvements to the Graceland campus, including the hotel, improved exhibits, new attractions and commercial space.

“We do anticipate the developers will use some or all of the remainder” of the bond funds on future projects, said EDGE president Reid Dulburger.

A Tax Increment Financing district, Tourism Development Zone and a tourism sales tax surcharge were approved to help pay off the bonds.

In addition to the construction loan, Guest House at Graceland LLC acquired nearly 25 acres of land for the hotel from Elvis Presley Enterprises for $2.1 million.

Late last year, EPE applied for a $70 million building permit for the hotel, which will include a grand stairwell in the lobby that mimics the main staircase at Graceland. The hotel, originally scheduled to open in fall 2015, also will include Jungle Room-inspired prints and accents, plus a sports bar and lounge that recalls the design of Graceland’s billiard room.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 57 57 1,266
MORTGAGES 48 48 964
FORECLOSURE NOTICES 11 11 162
BUILDING PERMITS 87 87 2,838
BANKRUPTCIES 34 34 652
BUSINESS LICENSES 10 10 286
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0