5225 Summer Ave
Memphis, TN 38122
Hotel Elite Memphis · Hospitality Property For Sale · 69,843 SF

****REDUCED PRICE: DOWN FROM $2.4 TO $2.1M ****** PARCEL: 3.54 acres. FACILITIES: 142 Rooms - 80 currently in use – all with new locks / 40 with new furnishings and new a/c window units / 62 rooms unused. 5,500 SF Leased Restaurant Available. OPENED in 1966; fully renovated 2008; partial renovation 2017-2019 including a new metal roof, all new locks and 4k security surveillance system. Conveniently located on the intersection of I-40 and I-240 at the Summer Avenue Exit, The Welcome Inn is the only Hotel located at that exit or in nearby vicinity. There is also a 5,500 square foot restaurant/bar with stages on site ready to lease which can also be used as an event space with a capacity of up to 125 people. The property provides 24-hour front desk service; laundry facilities and vending machines are made available to guests. Guest rooms at the Welcome Inn are equipped with flat-screen TVs and air-conditioning/heating as well as available microwaves and refrigerators. All guest rooms at Welcome Inn feature recently renovated furniture as well as free Wi-Fi, cable and local phone calls. There is a fully furnished, completely renovated and move-in ready living area above the lobby that includes tile and hardwood floors, three bedrooms, laundry room with new washer and dryer, full kitchen, living room with flat screen tv and multiple closets. There are two other living quarters that have been developed as fully functioning suites / small apartments by combining guest rooms and making modest renovations. There is a back of the house laundry area with two washers, one commercial, and one commercial dryer; adjacent to this is a large amount of storage space filled with inventory that the new Owner will acquire as part of the sold “as-is.” Guest rooms occupy three of the five buildings surrounding a middle courtyard. The courtyard has a pool that was once functioning but has not been used since before the current Ownership took over the Property. Today there is a fence surrounding it. The spacious lobby has enough room to serve either continental or hot breakfast. Parking is free; there are 163 parking spaces. REASON FOR SELLING: The property was acquired nine years ago by its current Owner/Operator. Upon the passing of her life and business partner four years ago, Ownership has elected to join the rest of her family outside of TN. OVERVIEW: The Welcome Inn has a centralized location right at the junction of the two main interstates in Memphis. There are no other hotels near it. With the right management and ownership, the Hotel can increase efficiencies and revenues. This is truly a unique investment opportunity. All offers encouraged, welcome and accepted!!