Memphis, TN

Off Market in Memphis, TN - Memphis Airport - Hotel

Off Market in Memphis, TN - Memphis Airport - Hotel

Magnuson Grand Hotel Memphis Airport located 1471 East Brooks Rd, Memphis, TN 38116
Owners of this asset are investors, not hotel operators. At this new offering a lot of upside for right operator. Current owners spent significant dollars on Capex.
 
Asking Price is: $7,000,000 
The pro forma from the owners shows an NOI of $1,845,454 for 2019.
 
This is a great investment opportunity for someone who wants to invest in an already successful and busy hotel with many opportunities for further growth and increased sales.
The current owners bought this hotel a few years ago and focus its efforts in the renovation. Now they are ready to sell!
 
The hotel's income would benefit from a new strong flag and property management, as well as a minimal amount of capital expenditure to finish room upgrades. Strong professional management would enable costs savings across the board, therefore, increasing the property's bottom line from multiple angles.
 
Offering Food and Beverage services to guests would not only generate extra income but boost the hotel's rating and attractiveness as well, contributing to increasing its ADR.
 
It would also respond to the catering need of events in the currently unused and un-marketed conference/event space.
 
The bar/restaurant/music club "Dad's Place" also benefits from an excellent reputation in the community and its reopening would fill a much-underserved need in the area for quality food and entertainment (per city officials' feedback).
 
Pre-Approved for Clarion, SureStay by Best Western, Travelodge
 
KEY FEATURES:
- 240 keys
- 150 seats
- 35 seats
- 175 seats
- ~ 5,000 Sq Ft
- Large Parking for Buses and Trucks
- Shuttle for Airport and Local including Pick ups/Drop offs
- Fitness Center
- Business Center
- 3 Elevators
- Additional Non-Developed Corner lot ~ 33,000 Sq Ft
 
If interested, please contact to sign NCND and receive Full Package:
Roy Belson
Re/Max Olson Commercial
(818) 620-2020
CalBRE# 01345852