|HOLIDAY INN COMING NEAR GRACELAND
December 14, 2015 - Email / Elvis Express Radio
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The 2016 opening of the Guest House at Graceland means that with the exception of the Days Inn (which has just 60 rooms), EPE would have the stranglehold on any fans
wanting accommodation around Graceland. But now another hotel is looking to be built giving fans a better and fairer choice of room for all budgets.
Construction for an 85-room Holiday Inn Express will start early next year in Whitehaven, the first such nationally franchised property built in the Graceland/Memphis International
Airport area in a decade, the project's lender said Thursday.
"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.
An application for a building permit was filed this week for the new hotel at the same Whitehaven address where similar plans have been on the books for several years. But the
latest permit application shows a different developer and much higher construction value - $14.2 million - than a previous building permit application.
Hospitality Builders of America seeks a permit for a four-story hotel at 3411 Elvis Presley Boulevard, less than a mile north of Graceland. The vacant lot is on the west side of the
road, between Winchester Road and Hernando Street.
In August 2014, SNP Investments sought a construction permit to build the same size hotel at the same place and valued the work at $3.5 million, according to separate reports at
the time in the Memphis Daily News and Memphis Business Journal.
Three years ago, the Land Use Control Board approved plans there for a Holiday Inn Express.
Efforts to reach the new developer were unsuccessful Thursday.
Woods said through a prepared statement Thursday that Financial Federal arranged a $4.8 million construction loan for the Holiday Inn Express. He did not know why the permit
application values the project at $14.2 million.
"The busy intersection of Winchester and Elvis Presley Boulevard combined with the Holiday Inn brand recognition will result in a very successful venture for the area,'' Wood said.
EP 3 Developers LLC will start construction early next year, according to the bank.