NAI Global, as exclusive advisor to the Seller (the “Owner” or “Ownership”), is pleased to offer for sale the fee simple interest in the 158-key HILTON GARDEN INN TUPELO (the “Hotel” or “Property”) in Tupelo, Mississippi. The Hotel is located immediately adjacent to the BancorpSouth Arena and Conference Center and is the only nationally-branded hotel in downtown Tupelo. This irreplaceable asset represents a unique opportunity to acquire a recently built, premier-branded, upscale select-service hotel well below replacement cost and with significant proven value-add potential.
The Hilton Garden Inn is a 2006-built, premier select-service hotel that features 158 institutional quality guestrooms and 1,200 SF of meeting space. The Hotel was fully renovated in 2014 and features an upscale, competitive array of facilities and amenities consistent with the Hilton Garden Inn brand.
The Hotel benefits dramatically from its unparalleled location immediately adjacent to the 10,000-seat BancorpSouth Arena and 10,000 square foot Conference Center, which enables management to leverage the significant group and transient business generated by the facility, and to sell the hotel as a full-service property while benefiting from the operational efficiencies of a select-service hotel. In 2018, the City of Tupelo announced plans to pursue a $14 million renovation and expansion of the conference center that is projected to more than double the facility’s usable square footage by adding 13,500 square feet of meeting and event space, making it one of the largest dedicated meeting facilities in the state of Mississippi.
Tupelo is home to the corporate headquarters of Renasant Bank and Bancorp South, as well as North Mississippi Medical Center, the largest hospital in Mississippi and the largest rural hospital in the United States. Tupelo has long been known as a manufacturing hub, with furniture companies being some of the largest employers in the region, including Ashley Furniture with over 3,000 employees. Toyota Motor Manufacturing Mississippi operates a 2 million square foot production plant in the market that employs approximately 2,000 workers. In 2018, Toyota announced a $170 million investment to relocate production of the Corolla model from Canada to Tupelo in 2019 and to build a 15,000 SF visitor and interactive training center.
