new offering in memphis, tn: 142 room welcome inn...berkshire hathaway homeservices taliesyn realty...

NEW OFFERING in Memphis, TN: 142 Room Welcome Inn

Broker on Record: Rena Frulla: 901-326-2966; [email protected]

Berkshire Hathaway HomeServices Taliesyn Realty Commercial Division has been retained as the exclusive agent to the Owner and is pleased to offer for sale the fee-simple, 142-room, exterior-corridor Welcome Inn located in Memphis, TN (the "Hotel" or "Property"). The two-story Property was built in 1966 and underwent a full renovation in 2008. The Owner has continued to make capital improvements to the Property from 2017 throughout 2019.

LOCATION: Intersection of I-40 and I-240 at the Summer Ave. exit

PARCEL: 3.54 acres

FACILITIES: 142 Rooms o 80 currently in use – all with new lockso 40 with new furnishings and new a/c window unitso 62 rooms unused and available

OPENED:

5,500 SF Meeting Space / potential Restaurant Available

1966; fully renovated 2008; partial renovation 2017-2019

INVESTMENT OFFERING MEMORANDUM Exclusively Offered by:

Berkshire Hathaway HomeServices Taliesyn Realty is a network brand of HSF Affiliates LLC, which is owned by HomeServices of America, Inc.TM, a Berkshire Hathaway affiliate

HOTEL FOR SALE: INVESTMENT OFFERING MEMORANDUM

mailto:[email protected]

This information has been secured from sources we believe to be reliable, but we make no representations or warranties expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies

WELCOME INN HOTEL MEMPHIS, TN

PROPERTY DESCRIPTION

Free cable, phone and Wi-Fi Flat screen TVs in all rooms; microwaves and refrigerators available 24-hour front desk management Laundry facilities available 3 Vending machines Free parking; 163 parking spaces 5 buildings; 2 stories exterior-corridor Pet-friendly

The Hotel sits on a 3.54-acre lot that is easily and directly accessible from the Summer Avenue exit at the I-40 and I-240 junction which is one of the most heavily trafficked thoroughfares in the greater Memphis Metropoli tan area. The I-40 / I-240 intersection has undergone a major expansion and upgrade over the last three years.

New management could infuse new life, establish updated regimes to escalate the service level to assure guests receive consistent and reliable service, attract new customers and build up customer loyalty. Roughly 25-30% of guests are extended stay customers with some staying 3-6 months at a time. The remaining guests are transient customers. Currently the Owner does no direct marketing and only advertises on booking.com.




REASON FOR SELLING The property was acquired nine years ago by its current Owner/Operator. Upon the passing of her life and business partner four years ago, Ownership has elected to join the rest of her family outside of TN.

PROPERTY HIGHLIGHTS

Recent Renovation: 40 of the 80 rooms currently in use have been renovated with all newfurniture and new a/c window units. The property has a brand-new metal roof and all new locks.

Highly Visible Location: Located at the intersection of one of the most heavily traveledthoroughfares in Memphis. There is a pole sign for visibility from the highways ready to be used.

Easy Access: Directly across the street from two major highways, I-40 and I-240, which werenewly reconstructed to accommodate high volume traffic

Unencumbered by Management or Brand Affiliation: Gives new owner the opportunityto revamp the operational strategy of the Hotel, have maximum control over day-to-dayoperations and implement strategic cost control initiatives to ensure greater NOI flow through.

Fee Simple Asset: The Hotel is being offered Fee-Simple. No PIP: Independently owned and operated; Sold as Is. Convenient to Demand Generators: Numerous major attractions, restaurants, schools and

businesses located within a 3-mile radius. Convenient to Support Services: Retail, convenience stores, gas stations in walking distance. Significant Upside Potential for new Owner/Operator with improved operations and

conversion of dormant rooms to Extended Stay suites. Converting the 62 presently unused guestrooms to 31 new two room suites could be expected to generate $39/ night at a 70% occupancy,which brings $300,000 +/- in incremental revenues and roughly $200,000 +/- in incrementalincome to the bottom line.

Value-Add Scenarios: Operate the hotel at full capacity. Currently the Owner onlymaintains 80 guest-ready rooms out of the total of 142 rooms. Transforming the remaining 62rooms into 31 suites with living areas and kitchenettes would add a substantial amount tothe bottom line. Incoming revenues would more than double the initial capital expendituresneeded to convert the rooms into fully operational suites.




There is a fully furnished, completely renovated and move-in ready living area above the lobby that includes hard wood floors, three bedrooms, laundry room with new washer and dryer, full kitchen, living room with flat screen tv and multiple closets. There are two other living quarters that have been developed as fully functioning suites / small apartments by combining guest rooms and making modest renovations. There is a back of the house laundry area with two washers, one commercial, and one commercial dryer with storage space filled with inventory that the new Owner will acquire as part of the sold “as-is.” All guest rooms are in three buildings surrounding a middle courtyard. The courtyard has a pool that was once functioning but has not been used since before the current Ownership took over the Property. Today there is a fence surrounding it.

One of the five buildings on the property is a 5,500 sq. ft. lease-ready potential restaurant with space for a fully functioning kitchen and dining or meeting room capacity for approximately 125 guests. The spacious lobby has enough room to serve either continental or hot breakfast.

A few nearby major attractions include Memphis’ one and only remaining Drive-In Movie Theatre reminiscent of the 1950s, Putt-Putt Golf & Games providing all day entertainment for the whole family and Autobahn Indoor Speedway Event (Go-Cart Track). Shopping, government offices, corporations, restaurants and numerous other demand generators and support services are proximate. The list is not all-inclusive but gives an idea of the wide range of surrounding places and activities that may attract and appeal to guests of the Hotel.




Sale Type Investment Property Type Hospitality Property Sub-type Motel Building Class Commercial

Lot Size 3.542 AC

Parcel ID/APN 068001 00023

Dimensions (BAL to ST) 150,369 SF Frontage 320 sf

Building Square Footage 69,843 SF

Current Owners Purchase Date 3/10/2010 No. Rooms 142

No. Stories 2

Year Built/Renovated 1966/2008/2017-19

Tenancy Single

Surface Parking Spaces 163

Parking Ratio 2.33/1,000 SF or 1.15/room

Zoning Description CMU-3

Age 44 yrs old

Neighborhood Number 00707B72

Parking Surface/Pavement Asphalt, Concrete

Typical Floor Sze 34,922 SF

Building FAR 0.45

Property Information and Overview




TRAFFIC COUNTS

Nearby Demand Generators and Support Services in Vicinity of Hotel




DEMAND GENERATORS AND SUPPORT SERVICES IN SURROUNDING VICINITY OF HOTEL

Nearby Businesses Category Distance Waffle House Breakfast 20 ft MARATHON Gas station 300 ft Restaurant Depot Restaurant supply store 0.1m MAPCO Gas station 0.2m Driver Services & Reinstatement Ctr Dept of Motor vehicles 0.2m U-Haul Moving & Storage Truck rental agency 0.2m Firestone Complete Auto Care Tire shop 0.3m Floor & Décor Flooring store 0.3m Ryu Sushi Bar Japanese 0.3m Exxon Gas station 0.3m Immigrant's Services & Photo Visa & passport office 0.4m Royal Furniture – Summer Furniture store 0.4m Memphis Auto Inspection Bureau City government office 0.5m Perimeter Shopping Center Shopping mall 0.5m Bargain Hunt Discount store 0.5m Malco Summer Drive-In Drive-in movie theater 0.5m Pancho's Restaurant Mexican 0.5m Highpocket’s Pool Hall 0.6m Midsouth Hobbies & Games Hobby store 0.7m Palace Cinema Movie Theater Movie theater 0.7m Family Funeral Care Funeral home 0.8m Federal Correctional Institute Prison 0.9m Freed-Hardeman University University 0.9m Golf and Games Family Park Amusement park 0.9m Extra Space Storage Self-storage facility 1.0m Catholic Diocese of Memphis Religious organization 1.3m Lowe's Home Improvement Home improvement store 1.8m Cracker Barrel Old Country Store American Eatery/Gen Store 1.9m Harbor Freight Tools Hardware store 2.0m Jumping World Amusement center 2.1m ThyssenKrupp Elevator Memphis Elevator service 2.1m Tops Bar-B-Q Barbecue 2.4m Mark H. Luttrell Correctional Center Prison 2.6m Bass Pro Shops Sporting goods store 2.6m Shelby County Clerk's Office County government office 2.7m Southwest TN Community College Macon Cove Campus 2.8m Pfizer Logistics Center Pharmaceutical Co. 2.8 m Autobahn Indoor Speedway/Events Go-kart track 3.1m Accredo Health Group Inc Biotech company 3.4m American Esoteric Laboratories Medical laboratory 4.0m




MEMPHIS, TENNESSEE

11.5+ million tourists visit Memphis each year. Memphis is a vibrant city with many events throughout the year. For example, “Memphis in May” is a month filled with weekday and weekend concerts, BBQ contests and many sporting events. The Memphis Grizzlies at the FedEx Forum attract over 650,000 attendees a year. Other centers of interests are the Bass Pro Shop at the Pyramid, Beale Street, the Stax Museum, Memphis Zoo and Civil Rights Museum. Per the city’s strategy to attract even more visitors, the Memphis Convention Center modernization project started in December 2018 and is expected to be complete by Fall of 2020.

The local economy is benefiting from its strategic location in the center of the country, and developers and big players have faith in Memphis’ future. The city of Memphis has been given the green light to modify its tourism development Zone. The state approved allowing tax money collected to go directly to the related improvement projects. The mayor's office said the city will use some of the money to move the Memphis Brooks Museum of Art to a new location.

It has also been reported that some of the other plans in the development include a new pedestrian bridge, upgrades to Mud Island Amphitheatre and a freshwater aquarium at a cost of $100 million.




MEMPHIS DEMAND GENERATORS

TYPE/ PURPOSE

DISTANCE (MILES)

National Civil Rights Museum Museum 12.6 Memphis Rock N Soul Museum Museum 12.3 Graceland Historic Attraction 17.7 Memphis Zoo Zoo 8.5 Memphis Botanic Garden Park 4.7 Shelby Farms Park Park 5.1 Sun Studio Historic Attraction 11.2 Pink Palace Family of Museums Museum 6.5 The Children’s Museum of Memphis Museum 8.1 Dixon Gallery and Gardens Museum 4.7 Stax Museum of American Soul Music Museum 15 Delta Fair & Music Festival Tourist Attraction 6.6 Memphis Brooks Museum of Art Museum 8.2 AutoZone Park Sports Arena 11.8 Mud Island River Park Tourist Attraction 13.6 Lichterman Nature Center Museum/Park 5.8 FedEx Forum Sports Arena 12.4 Memphis International Airport Airport 12.8 Orpheum Theatre Theatre 12.2 Beale Street Landing Tourist Attraction 12.4 Mud Island Riverfront Riverfront Park 13.6 Tom Lee Park -Music Festival Riverfront Park 12.8 Southland Casino Racing Casino & Racing 19.8 Liberty Bowl Memorial Stadium Sports Arena 8.4 Baptist Memorial Hospital Hospital 3.4 St. Francis Hospital Hospital 5.1 St. Jude Children’s Hospital Hospital 11.2 Le Bonheur Children’s Hospital Hospital 10.9 Methodist University Hospital Hospital 10.3 The Med: Regional One Health Hospital 10.8 The VA Hospital Hospital 10.4 University of Memphis University 6.5 Rhodes College University 7.8 Christian Brothers University University 8.8




Shelby Farms Park

SHELBY FARMS PARK: At 4,500 acres, Shelby Farms Park is one of the largest urban parks in the country. Located in Memphis, Tennessee, the Park is both a vibrant community hub and a retreat from the hustle and bustle of urban life. The Park features more than 40 miles of trails, both paved and unpaved, that are popular for walking, biking, running and hiking. The Park's trail network includes Shelby Farms Greenline, an iconic 10.65 mile paved cycling and pedestrian trail that connects the heart of Memphis to the heart of Cordova through Shelby Farms Park. The Park is also home to more than 20 bodies of water which provide plenty of opportunities for fishing

Shelby Farms Park is 5.1 miles away from the Welcome Inn as shown below.




Shelby Farms Park has been selected as a recipient of the The American Institute of Architects (AIA) 2019 Regional & Urban Design award -- a big win for the Park and for Memphis! According to AIA, "the 2019 Regional & Urban Design program recognizes the best in urban design, regional and city planning, and community development. The best planning accounts for the entire built environment, local culture, and available resources—modeling architecture’s promise and true value to communities.

With a visionary master plan designed by James Corner Field Operations, it's poised to become one of the best. Today, the Park features miles of paved and unpaved trails, dozens of lakes and ponds, the internationally recognized and sustainably designed Woodland Discovery Playground, a buffalo herd, the FedEx Event Center, a water play splash pad, an outdoor event stage overlooking an 80-acre lake, a treetop adventure course and more.




Area Overview: Infrastructure Memphis is in the southwest corner of Tennessee on the Mississippi River at the northern end of the Mississippi Delta. Memphis’ economy is heavily influenced by tourism as the city welcomes more than 11 million visitors each year who spend an estimated $3.2 billion and help generate 35,000 jobs in tourism and hospitality. Memphis has very rich history that has been combined with an urban city culture. Reportedly, the Beale Street Historic District attracts four million people each year in downtown Memphis making it the most visited attraction in the state. The downtown area is also home to the $250 million FedEx Forum Arena, which is the homecourt of the NBA’s Memphis Grizzlies and the NCAA Division I, University of Memphis basketball team. Other downtown attractions include: the Orpheum Theatre, AutoZone Park, the historic Peabody Hotel, the Rock n’ Soul Museum, Sun Studio, the Stax Museum of American Soul Music, and the Mud Island River Park.

The primary economic driver of the Memphis economy continues to be logistics. Memphis is known as “North America’s Distribution Center” as the city is a quadrimodal powerhouse with assets known as the 4 Rs – Runways, Rail, Road and River – which represent a critical infrastructure that sets the city apart in today’s global commerce landscape. The city’s workforce has a higher percentage of logistics workers than any other metropolitan area in the country. Major shipping operations of UPS, USPS, and FedEx all occur in the city. In addition, Memphis is home to over 400 trucking companies and major facilities for Technicolor, Williams-Sonoma, Nike, and Target.




Road Memphis has the second largest concentration of transportation, distribution and logistics workers in the nation. Truck shipments can reach more destinations next day from Memphis than any other city in the nation. Memphis is located within a

20-hour drive of 75% of the U.Spopulation. Shelby County'sphysical location, just belowthe snow line at the geographicheart of America, also helps

truckers reliably reach two- thirds of the American population in two days or less. Also under progress are plans to complete Interstate 69 that will connect Mexico and Canada with Shelby County standing firmly as its hub.

Runways Memphis International Airport: The region is served by the Memphis International Airport (“MEM”), which is located approximately 13 miles from the Property. Memphis International was used by 4.07 million passengers in 2018, a 5.3% increase over 2017. Recently, a $214 million plan was proposed to revamp the airport’s oldest concourse. The airport launched a modernization project in 2014 that is anticipated to be completed by 2020. The project will consolidate and modernize airline, retail, food and beverage operations into the “B Concourse”, as well as include signage and lighting, façade engineering and sustainability consultation.

From the new, two-mile long third runway at Memphis International Airport, fully loaded air cargo jets are now able to fly nonstop to almost every major city in the developed world.




The airport also serves as a “Superhub” for FedEx’s global distribution system. With more than 10.5 billion tons of cargo each year, the airport is the second busiest cargo airport in the world after Hong Kong and honored as the top North American cargo Airport according to Air Cargo World. 99% of all cargo handled at the Airport is through FedEx. The Memphis International Airport is the single largest economic driver in the state of Tennessee with an economic impact of $23.3 billion annually.

Memphis International Airport is currently undergoing a major construction project with all the airlines and concessions to be consolidated into one concourse. This is supposed to make it easier for travelers with wider concourses, more room to move, more gate space, new amenities, higher ceilings and more natural light.

Riverport Memphis’ early economy was built on access to the Mississippi River, and it continues to be a vital component of the nation’s intermodal transportation network. The International Port of Memphis is home to the fourth busiest inland port in the United States handling more than 13 million tons annually. Memphis’ riverport is also home to 68 waterfront facilities including the Valero petroleum refinery, the only refinery in the State of Tennessee. The Memphis Shelby County Port Commission estimated the following yearly: $8.46 billion in total annual economic impact, $43.3 million in total annual tax revenue, creation of 7,145 direct jobs and 12,835 indirect jobs.




Rail Memphis is the third largest rail center in the nation behind Chicago and St. Louis. Together Memphis’ railyards have a total container capacity of more than 2m annual lifts. Amtrak also operates a daily passenger train that connects Memphis with Chicago and New Orleans. Memphis is one of only four U.S. cities with five Class I rail systems:

Union Pacific (UP) operates its most eastern location in Memphis, connecting our city to the western United States. This network facilitates the movement of cotton, lumber, processed foods & more.

BNSF Railway (BNSF) expanded its Tennessee Yard to 1,000,000 container lifts per year from 250,000. The expansion includes parking for more than 6,000 trucks, an automated inventory tracking system, five loading cranes and more.

Norfolk Southern (NS) operates two yards and provides stacking capabilities, on load and off load services and access 7 days per week.

Canadian National Railroad (CN) completed a $100m expansion to its Harrison Yard with a new capacity of 3,100 freight cars with 45 tracks which allows it to handle 35 or more freight trains per day.

CSX Corporation (CSX) shares an intermodal yard with CN and operates intermodal and automobile distribution terminals in Memphis.

ECONOMIC DEVELOPMENT Local Expansion & Economic Strength -- Shelby County is a community blessed with great geography, a wonderful quality of life, the world’s best airport, and a logistics infrastructure that is unmatched anywhere. Over the past three years, its MSA has enjoyed record-breaking growth, reaching an all-time high in 1999 with more than $1.65 billion in new capital investment. In fact, Shelby County has led the state of Tennessee in economic growth for the past two years.

Millions of people come to Memphis for its food, music, and history. The savviest ones discover a great place to do business. Low tax rates, an attractive cost of living, and affordable real estate create an ideal business climate. Success is practically guaranteed with tax incentives, infrastructure support, and a skilled workforce. Forbes magazine ranked Memphis fourth on its list of “The Happiest Cities to Work in Right Now,” and a study by WalletHub ranked the city seventh in the nation for entrepreneurs.

https://memphischamber.com/select-memphis/tax-structure/

https://memphischamber.com/live-in-memphis/live/cost-of-living/

https://memphischamber.com/select-memphis/search/

http://www.forbes.com/pictures/efkk45edkmj/no-4-memphis-tenn-2/#2004cdfa4a42

https://nextcity.org/daily/entry/wallethub-ranks-best-us-cities-start-a-new-business




MAJOR EMPLOYERS

Memphis is home to thousands of companies large and small, including multiple major corporations that have been bringing jobs and innovation to our city for decades. A rich tradition of entrepreneurship combined with Memphis’ business climate has helped many small companies grow to major global players, discovering along the way that Memphis is a place where talent and business growth can thrive. The companies below are some key employers in the Mid-South who have a great reputation for workplace environment.

FedEx Corporation (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. FedEx has been headquartered in Memphis, TN since it launched in 1973, and now employs more than

30,000 people in the greater Memphis area. The company’s Memphis area presence includes the FedEx Express World Hub at Memphis International Airport, the FedEx World Technology Center, and the FedEx Express World Headquarters. FedEx earns $60 billion in annual revenue, ships more than 12 million packages per day, and has more than 650 airplanes and 150,000 vehicles in its global fleet.

Fortune 1000 Companies Headquartered in Memphis RANK COMPANY TYPE REVENUE

58 FedEx Package Delivery Services $45,567,000,000

127 International Paper Paper & Pulp Manufacturing $23,617,000,000

280 AutoZone Automotive Parts $9,475,313,000

819 ServiceMaster Diversified Outsourcing Services $4,461,600,000

942 Mueller Industries Metals $2,364,227,000




International Paper (NYSE: IP), headquartered in Memphis since 2005, is a leading global producer of renewable fiber-based packaging, pulp and paper products with manufacturing operations in North America, Latin America, Europe, North Africa and Russia. IP produces packaging products that protect and promote goods, and enable world-wide commerce; pulp for diapers, tissue and other personal hygiene products that promote health and wellness; papers that facilitate education and communication; and paper bags, cups and food containers that provide convenience and portability. IP employs approximately 55,000 colleagues located in more than 24 countries. Net sales for 2016 were $21 billion.

AutoZone is the nation’s leading retailer and a leading distributor of automotive replacement parts and accessories. The chain opened its first retail store in Forrest

City, Arkansas on July 4, 1979. Their stores carry an extensive product line for cars, sport utility vehicles, vans and light trucks. Ranked 278th on the 2017 Fortune 500, AutoZone is opening more stores per year than any other retail auto parts chain in the nation. AutoZone had sales exceeding $10.6 billion in fiscal year 2016, and has more than 5,900 stores across all fifty U.S. states, Washington, D.C., Puerto Rico, Mexico, and Brazil. AutoZone employs 85,000 people or “AutoZoners,” globally, including more than 2,000 in the Memphis metro area.

ServiceMaster Global Holdings, Inc. (NYSE: SERV) is a leading provider of essential residential and commercial services, operating through an extensive service network of more than 8,000 company-owned locations and franchise and license agreements. The company’s portfolio of well-recognized brands includes American Home Shield (home warranties), AmeriSpec (home inspections), Furniture Medic (furniture repair), Merry Maids (residential cleaning), ServiceMaster Clean (janitorial), ServiceMaster Restore (disaster restoration) and Terminix (termite and pest control). Based in Memphis, Tennessee, ServiceMaster serves residential and commercial customers through an employee base of approximately 13,000 company employees and a franchise network that independently employs an estimated 33,000 additional people.

St. Jude Children’s Research Hospital is internationally recognized for its pioneering research and treatment of children with cancer and other life-threatening diseases. The hospital has played a pivotal role in pushing overall U.S. pediatric cancer survival rates from 20 to 80 percent. Founded by the late entertainer Danny Thomas, St. Jude is the first

and only National Cancer Institute-designated Comprehensive Cancer Center devoted solely to children. St. Jude is also a leader in research and treatment of life-threatening blood disorders and infectious diseases in children. St. Jude currently has more than 3,700 employees and in 2015, announced a $7 billion-dollar expansion plan that will expand both their patient services and their research efforts.




Education Memphis has a strong higher educational presence and is home to approximately 50,000 students enrolled in more than 15 local colleges, universities, and technical institutions. The University of Memphis, the largest of the bunch, is a public university located approximately 10 minutes east of the Hotel. The university has a combined undergrad and graduate enrollment of over 20,000 students and offers degrees in accounting, anthropology, architecture, and engineering among others. Other institutions include the University of Tennessee at Memphis, Christian Brothers University, Rhodes College, Crichton College, LeMoyne-Owen College and The University of Tennessee Health Science Center (UTHSC).

DOWNTOWN MEMPHIS, TENNESSEE




INDUSTRY & BUSINESS The Memphis area employs over 648,000 non-farm workers. Industries that experienced the highest year-over-year growth were financial activities (3.2%), manufacturing (2.3%), mining, logging and construction (2.6%) and other services (4.7%). The largest industry sectors by employment are professional and business services (14.9%), education and health (14.6%), government (12.9%), transportation and utilities (11.2%) and leisure and hospitality (10.6%).




HOTEL Siegel La Quinta Inn & Suites Knight's Inn

ADDRESS 5885 Shelby Oaks Dr. 1235 Primacy Pkwy 2949 Airways Blvd

YEAR OPENED 1986 1998 1973 NUMBER OF ROOMS 126 131 145 BUILDING SIZE (SQ FT) 41,820 79,059 28,504 DATE SOLD March 2018 Aug 2019 July 2019 SALES PRICE $3,736,196 $5,500,500 $2,050,000 PRICE PER SQ FT $89.34 $69.57 $71.92 PRICE PER KEY $29,652 $41,985 $14,138

HOTEL America's Best Value Inn America's Best Inn La Quinta Inn & Suites

ADDRESS 3685 American Way 4060 Lamar Ave. 6069 Macon Cove YEAR OPENED 1994 1997 1999 NUMBER OF ROOMS 46 48 48 BUILDING SIZE (SQ FT) 23,350 24,344 42,104 DATE SOLD Aug 2019 June 2018 April 2018 SALES PRICE $1,400,000 $2,175,000 $3,600,000 PRICE PER SQ FT $59.96 $89.34 $85.50 PRICE PER KEY $30,435 $45,313 $56,250

Comp Set Overview




LOW AVERAGE MEDIAN HIGH COUNT

SALES PRICE $1,400,000 $3,076,949 $2,887,500 $5,500,500 6 BUILDING SIZE (SQ FT) 23,350 39,863.50 35,162 79,059 6 PRICE PER SQ FT $59.96 $77.61 $78.71 $89.34 6 NUMBER OF ROOMS 46 91 86 145 6 PRICE PER KEY $14,138 $36,296 $36,210 $56,250 6

This competitive set contains six properties which were chosen based on date of sale, location and similar class or segment of the industry. Ownership does not currently report to STR so there are no existing comp sets. These were chosen to demonstrate where The Welcome Inn stands in relationship to sales of similar type properties over the past two years in Memphis, TN.

Comp Statistics




Memphis is projected to continue to grow and has experienced a massive surge in new hotel developments in the downtown area over the past few years including the current construction of a new Loew’s Hotel adjacent to the newly renovated Convention Center downtown; however, Memphis is a big city and there is still plenty of demand to go around in the rest of the city. The Welcome Inn has a centralized location right at the junction of the two main interstates in Memphis. There are no other hotels near it. With the right management and ownership, the Hotel can increase efficiencies and

revenues. This is truly a unique investment opportunity.

INTERESTED PARTIES ARE HIGHLY ENCOURAGED TO SUBMIT ANY REASONABLE OFFERS.

!!ACCEPTING ALL OFFERS!!

ANNUAL MEMPHIS IN MAY MUSIC FESTIVAL:

RIVERSIDE PARK ALONGSIDE THE MIGHTY MISSISSIPPI




If interested in learning more about this investment opportunity, please sign and return the attached Confidentiality Agreement via email as an attachment or fax (refer to contact info below). Once I have received a signed CA, I will send you more information including financials.

I am available at any time to answer any questions and discuss the opportunity with potential buyers, investors or other parties of interest. The property is being sold “as is.”

Please DO NOT CONTACT the property or their employees. Let me introduce you to this great opportunity!

Rena M. Frulla Affiliate Broker/ Realtor® TN License #38433 BHHS Taliesyn Realty Commercial Division 7990 Trinity Rd., Ste 202 Memphis, TN 38018 [email protected] Office 901-466-4048 Cell 901-326-2966 Fax 901-466-4049

mailto:[email protected]




Confidentiality & Conditions This is a confidential Investment Offering Memorandum (“Memorandum”), which is intended solely for your limited use and benefit in determining whether you desire to express any further interest in participating in the acquisition of the Welcome Inn (the “Property” or “Hotel”) in Memphis, TN. You are bound by the Confidentiality Agreement executed in connection with your receipt of this Memorandum. This Memorandum was prepared by Berkshire Hathaway HomeServices (BHHS) Taliesyn Realty and has been reviewed by the Owner. It contains select information pertaining to the Property and does not purport to be all-inclusive or to contain all of the information, which prospective investors may desire. Additional information and an opportunity to inspect material related to the Property will be made available to interested and qualified prospective investors. Neither the Owner nor BHHS Taliesyn Realty nor any of their respective officers have made any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitments or obligations shall arise by reason of this Memorandum or its contents. It is essential that all parties to real estate transactions be aware of the health, liability and economic impact of environmental factors on real estate. BHHS Taliesyn Realty does not conduct investigations or analyses of environmental matters and, accordingly, urges interested parties to retain qualified environmental professionals to determine whether hazardous or toxic wastes or substances (such as asbestos, PCBs and other contaminants or petrochemical products stored in underground tanks) or other undesirable materials or conditions are present at the Property and if so, whether any health danger or other liability exists. Various laws and regulations have been enacted at the federal, state and local levels dealing with the use, storage, handling, removal, transport and disposal of toxic or hazardous wastes and substances. Depending on past, current and proposed uses of the Property, it may be prudent to retain an environmental expert to conduct a site investigation and/or building inspection. If such substances exist or are contemplated to be used at the Property, special governmental approvals or permits may be required. Consequently, legal counsel and technical experts should be consulted where these substances are or may be present. In this Memorandum, certain documents are described in summary form. The summaries do not purport to be complete descriptions of the full agreements involved, nor do they purport to constitute any legal analysis of the provisions of the documents. This brochure shall not be deemed an indication of the state of affairs of the Owner nor constitute an indication that there has been no change in the business or affairs of the Owner since the date of preparation of this Memorandum. Photocopying or other duplication of the Investment Offering Memorandum in part or entirety is not authorized.

new offering in memphis, tn: 142 room welcome inn...berkshire hathaway homeservices taliesyn realty...

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