The Hyatt Place Wolfchase/Galleria in Memphis, Tenn., has been sold in a deal facilitated by Alchemy Real Estate Advisors. Other terms and conditions were not disclosed.
The 126-room hotel was purchased by a private regional investor, which is planning a comprehensive renovation. The hotel is in the Wolfchase commercial corridor within walking distance of the 1.2 million -square-foot Wolfchase Galleria shopping mall.
“This transaction underscored sustained investor demand for well-located select-service hotels in proven retail corridors,” Joe Cuomo, principal at Alchemy Real Estate Advisors, said in a statement. “The Wolfchase submarket benefits from year-round consumer traffic and strong surrounding amenities. With the planned renovation, the property is positioned to perform well under the Hyatt Place flag.”
The hotel has a 24-hour front desk, room service and express check-in and check-out. Other amenities include a pool and lounge.