Hotel AG Brokers Sale of Mount Moriah Plaza Hotel
ATLANTA, GA - January 17, 2011 - Hotel Assets Group, LLC (Hotel AG), announced today that the firm sold the 194-room Mount Moriah Plaza Hotel located in Memphis, Tennessee on behalf of US Bank. The property sold to Duttkruppa, LLC for an undisclosed amount.
"This transaction was an all cash deal and closed in 10 days from execution of the contract. The buyer plans a brand conversion and renovation of the asset enabling the property to better compete within its competitive set,” said Michael Bernath, vice president of Hotel AG. “The Memphis market is currently seeing RevPAR growth similar to other Southeast markets.”
The Mount Moriah Plaza is a four-story, full-service hotel located approximately five miles from the Memphis International Airport. The hotel previously operated as a Ramada before becoming an independent.
About Hotel AG
Headquartered in Atlanta, Georgia with 16 national offices, Hotel AG is a specialized brokerage firm offering hotel-specific real estate and investment banking within the United States. The company conducts business with REITs, public and private companies, institutional clients and individual owner operators. Today Hotel AG has 134 hotels on the market in 33 states valued at 1.1 billion. Hotel AG can be found online at www.hotelassetsgroup.com.
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