{"id":1004052064,"date":"2012-03-30T06:05:29","date_gmt":"2012-03-30T14:05:29","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=41876"},"modified":"2025-02-25T23:42:04","modified_gmt":"2025-02-26T07:42:04","slug":"ramada-inn-gets-makeover-becomes-cedar-hotel","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/ramada-inn-gets-makeover-becomes-cedar-hotel\/","title":{"rendered":"Ramada Inn Gets Makeover, Becomes Cedar Hotel"},"content":{"rendered":"

By Eliza Theiss, Associate Editor<\/p>\n

The former Ramada Inn at 1471 Brooks Road is getting \"\"<\/a>a multimillion dollar facelift from a group of Chicago investors. According to The Memphis Daily News<\/em>, Cedar Street Hospitality purchased the 245-key hotel in a 2010 auction for $1.55 million. Re-branded as the Cedar Hotel under the Clarion umbrella, the property underwent a $3.5 million renovation process. Originally, the investors planned to spend $6 million in renovations\u2014but the hotel was in better condition than expected.<\/p>\n

The hotel\u2019s iconic lounge, Dad\u2019s Place, will reopen to feature live music with Elvis tribute shows Wednesday through Saturday\u2014as it was frequented by the music icon. The three-star Clarion Cedar Hotel will also host the Oak Room, a lobby-level blues bar, while an on-site Trumpets Restaurant will serve Southern cuisine. Additionally, Cedar Street Hospitality has bought a plot of land to the east of the 1974-built hotel and plans to establish an urban garden.<\/p>\n

The Clarion Cedar Hotel is expected to open in May this year.<\/p>\n

Cedar Street specializes is renovating and redeveloping distressed properties, mainly apartment complexes. The group owns over 1,000 units in Chicago, according to the Memphis Business Journal<\/em>.<\/p>\n

In other hospitality news, Memphis Airport Hotel & Conference Center at 2240 Democrat Road in Nonconnah Corporate Center has been financed for $6.6 million in two loans through Cecil Bank. The Memphis Daily News<\/em> reports that $5 million will come from a Small Business Administration federal program assisting small businesses using tax revenue.<\/p>\n

Alpha Hospitality Ventures bought the 270,000-square-foot, five-story former Holiday Inn for $4.4 million in a July 2011 foreclosure auction, this after Riya Parikh Memphis LLC defaulted on a $12.8 million loan at PNV Bank NA. Alpha\u2019s purchase was financed by a $4 million open-end mortgage through Cecil Bank.<\/p>\n

Built in 1974, the 374-key hotel features over 30,000 square feet of conference space, a restaurant and a fitness facility. The Shelby County Assessor’s appraisal of the property was $5.5 million.<\/p>\n

Photo credit: The Cedar Hotel\u2019s Facebook page<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

By Eliza Theiss, Associate Editor The former Ramada Inn at 1471 Brooks Road is getting a multimillion dollar facelift from a group of Chicago investors. According to The Memphis Daily News, Cedar Street Hospitality purchased the 245-key hotel in a 2010 auction for $1.55 million. Re-branded as the Cedar Hotel under the Clarion umbrella, the […]<\/p>\n","protected":false},"author":49,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21751,36077,21742],"tags":[],"class_list":["post-1004052064","post","type-post","status-publish","format-standard","hentry","category-development","category-hotel","category-nashville-knoxville","category-latest"],"acf":[],"yoast_head":"\nRamada Inn Gets Makeover, Becomes Cedar Hotel - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/ramada-inn-gets-makeover-becomes-cedar-hotel\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ramada Inn Gets Makeover, Becomes Cedar Hotel\" \/>\n<meta property=\"og:description\" content=\"By Eliza Theiss, Associate Editor The former Ramada Inn at 1471 Brooks Road is getting a multimillion dollar facelift from a group of Chicago investors. 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