Red Roof Inn – Memphis East, TN – SOLD by Warmbrodt Hotel Investments, Inc.
Warmbrodt Hotel Investments, Inc. (“WHI”) is pleased to announce the sale of the Red Roof Inn-Memphis East, Tennessee. WHI acted as exclusive advisor on behalf of one of its institutional clients.
The 108-room, two-story, exterior-corridor property, consisting of two buildings, was built in 1980. The property is located on the north side of Interstate 40 and Sycamore View Road. The location is considered good within the Memphis market and is within 10 miles of the Memphis International Airport. The performance history generated substantial interest in the property.
Red Roof Inn consistently achieves high rankings in J.D. Power & Associates Guest Satisfaction Index Studies in the economy budget segment. The company has been expanding their franchise platform by selling certain assets to qualified franchisees. In conjunction with their $90 Million dollar renovation initiative, Red Roof is strategically implementing the NextGen redesign for all their properties. The property in Memphis will be renovated to new standards and maintain the Red Roof Inn franchise. The substantial renovation in Memphis is a testament to investor interest in the growing Red Roof brand. “The investment community around the country continues to recognize Red Roof Inn as a growing brand with healthy cash flow,” said Zane Varvel, Vice-President. “It is encouraging to see more buyers and lenders in the budget economy segment.”