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VOL. 132 | NO. 62 | Tuesday, March 28, 2017

Knoxville Hotel Group Buys Land Across From AutoZone Park

By Patrick Lantrip

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Vision Hospitality Group, a Knoxville-based hotel company, just purchased a vacant parcel of land across from AutoZone Park – possibly paving the way for a new Downtown hotel just blocks from Beale Street.

Nitinkumar B. Patel, Sandip Patel and Anita Patel sold the land, which formerly housed a Greyhound bus station, to Vision Hospitality, acting as Vision Memphis LLC, for $4 million, according to a warranty deed filed with the Shelby County Register of Deeds on March 24.

The purchase includes two adjacent tracts of land: a 1.3-acre lot at 195 Union Ave. and a 0.3-acre parcel facing Gayoso Avenue. The parcels were last appraised for a combined $850,000 by the Shelby County Assessor of Property in 2016.

A hotel investment group has purchased the former Greyhound bus station site across from AutoZone Park and took out a $20 million loan ostensibly to develop a hotel there.

(Daily News/Patrick Lantrip)

Vision Hospitality took out a nearly $20 million loan though BancorpSouth in conjunction with the purchase, according to a trust deed filed on the same day.

Mitul Patel signed both deeds on behalf of Vision Memphis. Efforts to reach Vision Hospitality Group for more details on the purchase were not immediately returned.

The purchase comes almost three years to the day that Turkey Creek Hospitality completed the $1.7 million purchase of the 1.3-acre property. Nitinkumar “Nick” Patel is president of Turkey Creek.

At the time of that purchase, Patel told The Daily News his company was planning to bring a 140-room Hilton Garden Inn to the heart of Downtown Memphis.

“I am excited about the opportunity to work with the city of Memphis and the Downtown Memphis Commission to bring a high-impact urban project that will add greatly to the mission of a vibrant downtown,” he said in a statement at the time. “We are looking to make a good, positive change for Downtown Memphis.”

The hotel originally had been scheduled to open in May 2016.

Prior to the 2014 purchase, Turkey Creek announced agreements to build a 118-room Hilton Garden Inn at Second Street and Linden Avenue, and a 300-room Hilton at Fourth Street and Linden, but neither project materialized.

And in September 2013, Turkey Creek Hospitality also acquired 235 Union Ave., a 186-space parking lot adjacent to the former Greyhound station, for $1.4 million and planned to develop a 115-room Holiday Inn Express at that site.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 110 188 14,031
MORTGAGES 126 219 16,224
FORECLOSURE NOTICES 12 17 2,219
BUILDING PERMITS 170 411 29,164
BANKRUPTCIES 57 116 9,042
BUSINESS LICENSES 23 52 4,753
UTILITY CONNECTIONS 29 66 5,599
MARRIAGE LICENSES 19 56 3,038

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