Posted Nov 1, 2013, 4:40 PM
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Preds/Titans/Grizz
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Join Date: Mar 2010
Location: San Antonio, TX
Posts: 2,569
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French Quarter Deal Collapses
http://www.memphisdailynews.com/news...eal-collapses/
Quote:
A Texas-based group had inked a deal to purchase the long-vacant French Quarter Suites Hotel near Overton Square, but the proposed sale fell through the cracks.
Austin, Texas-based ASC Management had until Oct. 31 to close on the purchase of the 105-room inn at the northeast corner of Madison Avenue and Cooper Street but did not complete the sale.
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Quote:
The hotel, which opened in 1984, was purchased by Donald W. Pemberton, Ron Kirkpatrick, Garnett Murphy, Rex Amonette and Carroll Brunthaver after it closed in 2008. The ownership group, called FQI LLC, bought the property for $1 million in 2009. The Shelby County Assessor of Property appraised the property at $1.5 million.
It is the second time in as many years that a potential deal to rejuvenate the hotel collapsed. In 2012, a contract from two local partners to transform the 77,866-square-foot structure at 2144 Madison Ave. into a Comfort Suites fell through after it faced fierce opposition from neighbors who wanted a more upscale, boutique hotel.
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__________________
I built it ground up. You bought it renovated.
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