VOL. 133 | NO. 5 | Friday, January 5, 2018
Memphis Hilton Sells for $31M
By Patrick Lantrip
The Memphis Hilton, the iconic cylindrical hotel located 939 Ridge Lake Blvd. in East Memphis, has sold for $31 million.
In the deal, Hanover, Massachusetts-based Linchris Hotel Corp., doing business as LCBV Memphis Investment LLC, purchased the 314,782-square-foot hotel from Atlanta, Georgia-based Davidson Hotels and Resorts, doing business as RBD Memphis LLC.
Davidson Hotels and Resorts senior vice president and general counsel Crystal Beasley signed the Jan. 3 warranty deed on behalf of the sellers.
Meanwhile, Lincris took out a $32.5 million construction mortgage through Phoenix, Arizona-based Western Alliance Bank.
Linchris chief financial officer Glenn Gistis signed the warranty deed on behalf of new owners.
Built in 1979, the 405-room hotel sits on 8.7 acres near Poplar Avenue and Interstate 240, and was last appraised for $25 million by the Shelby County Assessor of Property.