Sonesta Simply Suites Memphis East Poplar Pike, TN

UNDER CONTRACT

• Fee-simple interest in the institutionally-owned and third-party managed 105-room Simply Suites Memphis East Poplar Pike offered at a fraction of replacement costs
• Offered unencumbered of management, debt, and providing prospective buyers with an opportunity for alternative use pending zoning approval.
• Hotel is operating a ~85% occupancy with in-place yield making the hotel readily financeable
• Property is offered for individual sale in the July 15^th Ten-X auction event as part of a two-property portfolio including the 94-room Sonesta ES Suites Montgomery, providing buyers the opportunity to purchase multiple assets and capitalize on strong operating synergies by owning two branded regional hotels serving different markets
• Ownership has recently invested ~500K / 4.7K per key into the property including renovations to the roof
• Strong operational upside in adjusting the business mix and pushing ADR with current T12 occupancy of ~85%
• Directly accessible to Poplar Avenue / US Route 72 and is close proximity to I-240 – one of the most heavily trafficked interstate corridors for all of Tennessee with upwards of 130,000 vehicles passing the area daily
• Located less than one mile from FedEx World HQ and approximately 9 miles northeast of FedEx World Hub, the single largest employer in the entire Memphis MSA; currently employs ~30,000 people regionally
• Easily accessible to all local healthcare demand including St. Jude Children’s Research Hospital and is less than one mile from the 42-acre, 479-bed St Francis Hospital Memphis campus, one of the areas largest employers
• Located near several prominent institutions of higher education, including University of Memphis, Rhodes College, Christian Brothers University, and the Memphis College of Art
• Positioned in close proximity to the region’s frequently visited leisure attractions, including Beale Street, Graceland, the National Civil Rights Museum, Sun Studio, and the Memphis Zoo
• Proximate to some of the region’s largest employers including AutoZone (HQ), International Paper (HQ), Service Master Global, and Memphis International Airport
• Tennessee has been a primary benefactor of migration trends with business leaders seeking pro-business / lesser tax burdened markets and residents attracted to the sunbelt quality of life