Listing Agents
Sean Banilivy
T | 516.456.7525
[email protected]
Subu Thiagarajan
T | 510.205.7931
[email protected]
DRE#01891134
Detailed Information
Location
Property Highlights
- Receivership sale of the 230-room Crowne Plaza Memphis Downtown offered at a substantial discount to replacement cost
- Ability to acquire the asset with attractive assumable CMBS financing with ample residual term and a coupon well below current market rates
- “Payment-in-Lieu-of-Taxes” (PILOT) arrangement with the city reduces the property tax burden during the leasehold period
- City ownership arrangement allows buyer’s leasehold interest to amortize with guaranteed $1,000 buyout option
- Strong operational upside in purchasing out of receivership, completing the PIP, and securing a new long-term franchise agreement with IHG Hotels & Resorts
- Loan was transferred to Special Servicing in June 2023 due to Borrower’s request and the Receivership was appointed in August 2023
- Located across the newly $200MM renovated Renasant Convention Center, which was recognized as one of the 2023 Best Convention Centers in US
- Proximate to all core Memphis demand, including St Judes Children’s Research Hospital, FedEx World Headquarters, AutoZone Headquarters, International Paper, Methodist Le Bonheur Healthcare, University of Memphis, FedEx Forum, and AutoZone Park
- Ideally situated in the heart of the Memphis MSA, proximate to all broader leisure demand, including Beale Street Entertainment District, Elvis Presley’s Graceland, the Memphis Zoo, Carriage House, and the National Civil Rights Museum
- Readily accessible to Memphis International Airport with a recent and ongoing modernization and renovation of upwards +1B to better position the airport for future growth