New to Memphis Commercial Real Estate – Elvis Returns



An important developing story in Memphis commercial real estate is the building and opening of the Guest House at Graceland (also known as Heartbreak Hotel). An Elvis Presley themed 450 room hotel to be operated by Elvis Presley Enterprises. First announced in 2014, it is scheduled to open in October 2016.

Adjacent to Graceland, the Guest House at Graceland is one of the biggest new developments since the major Memphis tourist attraction went public in 1982. The October opening will be a VIP event with 19 VIP suites. The interior design of the hotel resembles Graceland with a featuring of colors, interiors, and roofing similar to Elvis’ old home. The Elvis-themed hotel includes a restaurant and a sports lounge. The VIP suite designs were personally supervised by Priscilla Presley.

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At a cost of approximately $70 million, the new 6-story hotel sits north of Graceland. In March of this year, the topping out ceremony was accomplished. The topping out ceremony is when the last piece of steel is raised to the top of the roof. The topping out ceremony featured a gold beam with Elvis Presley’s signature, as well as the signatures of Graceland guests, employees of the Guest House, as well as Graceland construction workers.

Reservations are mostly booked for the opening months starting in October. The 2017 Elvis Birthday Celebration between January 5-8 is expected to sell out. The opening of the Guest House at Graceland presents a new era in the celebration of Elvis’s life and career.

The birthday celebration will include, for the first time, many celebratory events indoors at Graceland. Although difficult to imagine, it is slated to be the biggest Elvis celebration ever. Reservations can be made at http://www.graceland.com/lodging/guesthouse/.

Most of the VIP suites will be located “Upstairs” in the hotel. This is reminiscent of the upstairs of Graceland Mansion. This is the part of the home that Elvis frequented the most and is still off limits to the tours that occur there daily.

Other amenities and services will include a large outside pool and pool bar, special areas for both corporate events and weddings or family reunions for up to 1,000 people, green space with capabilities for a 400-person events tent, shuttles to downtown Memphis, room service, concierge service, and complimentary airport shuttle rides.

The King may have left the building but just a few steps from his iconic mansion now stands a new commercial property advertised as a full -service, world class resort where you can spend your vacation living like the King of Rock-n-Roll.

Please leave a comment if this article was helpful or if you have a question.

BioAuthor bio: Brian Kline has been investing in real estate for more than 35 years and writing about real estate investing for 10 years. He also draws upon 30 plus years of business experience including 12 years as a manager at Boeing Aircraft Company. Brian currently lives at Lake Cushman, Washington. A vacation destination, a few short miles from a national forest. With the Pacific Ocean a couple of miles in the opposite direction.

Comments

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