One of the biggest hotels in Memphis could soon take shape next door to Elvis Presley’s Graceland home.
Elvis Presley Enterprises Inc. has filed plans for 450-room hotel alongside the late iconic star’s mansion on Elvis Presley Boulevard, which would become the third largest hotel in the Memphis area, and largest outside downtown.
Elvis Presley Enterprises, which owns and operates the Elvis brand, has drawn up proposals for the hotel along with an upscale restaurant, sports bar and movie theater, at a construction coast of about $70 million.
Local architects Hnedak Bobo Group has been appointed to design the new hotel, which will be named the Guest House at Graceland, and expected to be completed by 2015.
"When we started exploring plans for long term growth, a new hotel facility was a priority," said Jack Soden, CEO of Elvis Presley Enterprises.
"We feel the time is right for growth at Graceland and we are excited about this proposed project, which would enable Graceland to enhance the visitor experience and deliver an even higher level of world class hospitality," he added.
In December, CORE Media Group sold its 85% stake of Presley Enterprises to entrepreneur Joel Weinshanker and New York firm Authentic Brands Group.
At that time, the new owners vowed to upgrade facilities to attract more than the current 600,000 visitors a year.
The remaining 15% share of the company is still owned by Elvis’ daughter Lisa Marie along with the Graceland mansion.
The company also operates Heartbreak Hotel, a smaller boutique hotel which it also hopes to expand.
