Ashford Hospitality Trust has signed an agreement to acquire Memphis Marriott East hotel in Tennessee, US, for around $43.5m.

Remington Lodging will manage the 232-room property, upon closing of the deal.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Ashford Hospitality Trust chairman and CEO Monty Bennett said: "This transaction was particularly attractive given the hotel’s prime location and market attributes, which include no new competitive supply projected for the submarket and stable corporate demand generators.

"We expect to achieve continued solid increases in RevPAR penetration as the property stabilises."

"After the installation of our affiliated property manager, Remington Lodging, we expect to achieve continued solid increases in RevPAR penetration as the property stabilises."

Situated at the centre of East Memphis, the property is near to upscale restaurants and shopping, as well as attractions such as Elvis’ Graceland, Beale Street and Historic Downtown Memphis.

It includes well-equipped guestrooms and six meeting rooms with around 8,960ft² of meeting space.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In addition, the property features an indoor pool and whirlpool, 24-hour fitness centre, Table – A Delta Grill restaurant, and complimentary on-site parking.

The deal is expected to be completed within the next 30 days, according to Ashford.

Ashford has also signed a separate agreement to acquire the 168-room Lakeway Resort & Spa in Austin, Texas, for around $33.5m, in this month.