Houston-based Moody National REIT I Agrees to Buy Memphis-Area Hotel for $11.3M

hyatt place germantown tennHouston, TX-based Moody National REIT I, Inc. has agreed to acquire the Hyatt Place hotel in Germantown, Tenn for $11.3 million, excluding acquisition costs.

The Hyatt Place Hotel opened in August 2009 and features 127 guestrooms. Amenities include Wi-Fi internet access throughout the hotel, a 24-hour fitness center, a heated outdoor pool, and a 24/7 guest kitchen and bakery café. The Hyatt Place Hotel also has 1,025 square feet of meeting space.

The Hyatt Place Hotel is located in Germantown, a suburb along Memphis’ Technology Corridor that serves as the FedEx World Headquarters and the FedEx Tech Headquarters. FedEx Corp (“FedEx”) filed a $30.2 million building permit last year to construct a mixed-use building in close proximity to the Hyatt Place Hotel, part of its plan to invest $142 million to expand, upgrade and consolidate its facilities.

The project will include a 250,000 square foot expansion to FedEx’s Memphis facilities, and completion is currently expected in 2016.

The acquisition of the Hyatt Place Hotel is subject to to closing conditions. A copy of the purchase and sale agreement can be found by clicking here.