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VOL. 133 | NO. 5 | Friday, January 5, 2018

Memphis Hilton Sells for $31M

By Patrick Lantrip

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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.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 51 328 20,960
MORTGAGES 58 387 24,132
FORECLOSURE NOTICES 6 54 3,101
BUILDING PERMITS 170 842 43,435
BANKRUPTCIES 50 288 13,468
BUSINESS LICENSES 34 90 6,712
UTILITY CONNECTIONS 16 110 7,899
MARRIAGE LICENSES 32 91 4,734