Hodges Ward Elliott Represents Owner in the Sale of the 90-key Residence Inn Memphis Downtown

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Dec 06, 2018, 15:27 ET

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.

HWE is the leading hotel brokerage and investment-banking firm in the country providing total capital solutions, including hotel sales, recapitalizations and debt placement for our clients. Over the past 5 years, HWE has sold or financed more than $23.8 billion of hotels and resorts across the U.S. including more than $5 billion in 2017 and $3.6 billion in 2018.