New Holiday Inn Express Rising Near Graceland
Published on: December 10, 2015
Madeline Faber, The Daily News
Holiday Inn Express and Suites is ready to shake up the Graceland area with a $4.8 million construction loan recently arranged by the Memphis office of Financial Federal Bank.
The four-story, 85-bedroom hotel at 3411 Elvis Presley Blvd. will be the first nationally franchised property to enter the Memphis International Airport and Graceland area in more than a decade.
The owners are planning on clientele ranging from Graceland tourists to Medtronic, Smith & Nephew and FedEx corporate guests.
“It’s no secret that the submarket has experienced a major void in quality hotels,” said Rick Wood, executive vice president of Financial Federal Bank, in a release.
Elvis Presley Enterprises currently is constructing the $90 million, 450-room Guest House at Graceland, which is scheduled to open in October. The Guest House is being built along Elvis Presley Boulevard, north of the Graceland mansion.
Hospitality Builders of America applied this month for a $14.2 million permit for the Whitehaven-area Holiday Inn. A representative told The Daily News Thursday, Dec. 10, that the figure was inaccurate, and the construction group is building on an earlier $3.5 million permit.
The hotel is along the west side of Elvis Presley Boulevard between Hernando and Winchester roads, just a few blocks north of Graceland.