Apple Hospitality REIT, Inc. has broadened its upscale hotel collection with the acquisition of the Hampton Inn & Suites by Hilton® Memphis-Beale Street. This strategic purchase, part of a $63 million dual-property deal also including an Atlanta hotel, underscores the REIT’s focus on prime locations within thriving markets. For travelers seeking accommodation in the heart of Memphis, this Hampton Inn & Suites offers an unbeatable combination of location and comfort.
Prime Location in Downtown Memphis – Beale Street Beckons
The Hampton Inn & Suites Memphis-Beale Street, situated at 175 Peabody Place, places guests squarely in the epicenter of downtown Memphis. Its location is a major draw, particularly for those eager to experience the city’s vibrant core. The hotel is not just conveniently located for business travelers, with close proximity to numerous corporate offices, healthcare facilities, and educational institutions, but it’s also a gateway to Memphis’s legendary entertainment and cultural scene.
Beale Street, the iconic home of the blues and a National Historic Landmark, is a stone’s throw away. Guests can easily immerse themselves in the rich musical heritage of Memphis, exploring the numerous clubs and restaurants that line this famous street. Beyond Beale Street, the hotel’s location provides easy access to a wealth of attractions. Sports fans can catch a game at FedExForum, home of the Memphis Grizzlies, or enjoy a baseball game at AutoZone Park. For conventions and events, the Memphis Cook Convention Center is within easy reach. Cultural experiences abound with the Orpheum Theatre, the poignant National Civil Rights Museum, and the legendary Graceland, all accessible from this centrally located hotel.
Strategic Investment Reflects Confidence in Memphis Market
Nelson Knight, Executive Vice President and Chief Investment Officer of Apple Hospitality REIT, highlighted the strategic nature of this acquisition, stating that Memphis, along with Atlanta, are “dynamic cities with tremendous appeal for both business and leisure travelers.” This acquisition reflects Apple Hospitality’s confidence in the Memphis market and its ongoing growth. The Hampton Inn & Suites Beale Street adds to their geographically diverse portfolio of upscale, select-service hotels across the United States.
Memphis Market on the Rise
Data from STR for 2017, referenced in the acquisition announcement, indicated a positive trend for the Memphis market. RevPAR (Revenue Per Available Room) saw an improvement of approximately 5 percent compared to the previous year, signaling a healthy and growing hospitality sector in Memphis. This upward trajectory further validates the strategic importance of the Hampton Inn Memphis Beale Street acquisition for Apple Hospitality REIT and underlines the hotel’s potential to be a strong performer within their portfolio.
For visitors seeking a hotel that combines a prime downtown location with the trusted quality of the Hampton Inn & Suites brand, the Memphis-Beale Street location stands out as an excellent choice. Its proximity to key attractions, business centers, and the vibrant Beale Street entertainment district makes it ideal for a wide range of travelers.
