MEMPHIS, Tenn., Dec. 6, 2018 /PRNewswire/ — Hodges Ward Elliott (“HWE”), the world’s leading independent hotel brokerage and investment-banking firm, with offices in New York, Atlanta, Los Angeles and London, represented the owner in the sale of the Residence Inn Memphis Downtown. An affiliate of Wright Investments purchased the hotel. Following the sale, Wright will continue to manage the property.
Prominently situated at the corner of Main Street and Monroe Avenue within the expanding Downtown Memphis market, the property originally opened in 1930 as the luxurious 240-room William Len Hotel. Known for its attractive Art Deco architecture, opulent two-story lobby and at the time, its state-of-the-art amenities, the William Len operated as a hotel until 1985, at which point it was converted to a 90-unit apartment building. In 2004, the building was renovated and converted to the 90-room Residence Inn Memphis Downtown.
The hotel features the largest rooms in the market at 602 square feet (on average), a 3,775 square foot rooftop lounge, fitness center, business center and is home to one of just two Starbucks stores in all of Downtown Memphis.read full article