Graceland to Add Hotel Development
MEMPHIS, TN, March 7, 2006. CKX, Corp., which controls Elvis Presley Enterprises, is planning to construct two 400-room hotels across from Graceland, Presley's former home that has become a popular tourist attraction.
According to press reports, the construction would entail demolishing the 128-room Heartbreak Hotel that currently sits on the site. The new hotels would be part of a complex that includes meeting space, retail outlets, restaurants, and a spa.
CKX acquired rights to the Presley name and likeness--though not his music--for $100 million last year. CKX would own the hotels, but has not indicated whether it plans to operate them as independent properties or to seek a brand affiliation. CKX also is exploring the possibility of expanding the Presley franchise to Las Vegas where the performer, who died in 1977, is highly popular.
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