Investors in the Crowne Plaza Memphis Downtown weren’t in it for short-term gain when they bought the aging, dated property in the summer of 2015.
After paying GE Capital $12.6 million for the bank-owned hotel on Market at North Second, they commenced a $7 million renovation to bring it up to date.
Led by ReMax Hospitality Consulting Services Inc., the owners gutted and rebuilt the lobby, restaurant and lounge and other facilities, moving administrative offices to an underutilized space in the basement.
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The ownership group includes a Charleston, West Virginia developer, Leroy Rashid, who has longtime family ties to nearby St. Jude Children’s Research Hospital. A relative, the late Baddia “Bud” Rashid, served as a national executive director of St. Jude.
“Not only did we like the market, but that connection made it personal,” said Nagib Lakhani, president of Washington area ReMax Hospitality.
“We felt there were marketing opportunities we could reengage that would significantly alter the financial performance of the property,” Lakhani said. “The group of investors that we have are commercial hoteliers and non-hoteliers but all of them are of the view that we participate in a property with the intent that we’ll be owners over a long period of time.”
Sources:
Ismailimail 