Moody National Buys Two Hotels in Memphis
MEMPHIS, TN, April 10, 2006, Houston-based Moody National Cos. has purchased the Residence Inn Downtown Memphis and the Holiday Inn Select Downtown.
Moody, a real estate investment firm, purchased the properties from Memphis-based Wright Investment Properties for an undisclosed amount. Residence Inn is a 2-year-old property that was bought, renovated and opened by Wright in June 2004. The property previously housed the William Len Apartments. The Holiday Inn Select, which Wright has owned for nearly 10 years, operated as a Ramada Inn before it was renovated and converted, according to local reports.
Even though the properties will change hands, Wright will continue to manage them.
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