Crews Buys Collierville Hampton

May 25, 2010

Crews Buys Collierville Hampton Inn for $5.1M

An entity called SGR LLC, whose principal is Jason Crews, has bought the Hampton Inn at 1280 W. Poplar Ave. in Collierville for $5.1 million from Collierville Hotels GP. The sale closed May 11.

Built in 1997, the 91-room, 44,724-square-foot hotel known as the “Hampton Inn Memphis/Collierville” sits on 2.09 acres on the northeast corner of Poplar and Bray Station Road.

The hotel’s amenities include an outdoor swimming pool and a meeting room that can accommodate up to 30 people.

The Shelby County Assessor of Property’s 2010 appraisal of the hotel is $4.9 million. SGR financed the purchase with a $3.8 million loan through First Citizens National Bank. Crews signed the trust deed as the sole member of SGR.

Crews, who also is principal of Crews Realty LLC, said he was attracted to the hotel because of its location in Collierville along Poplar – which doubles as Tenn. 57 and U.S. 72 – and its proximity to restaurants, stores and residential areas.

He added that the Hampton Inn brand is strong, on its own and because it is under the Hilton rewards program known as HHonors. Crews said he will overhaul the hotel beginning in August and wrapping by the end of the year, confining construction work to the time of year when occupancy is low.

“We’re going to renovate the entire lobby and guest rooms with new furniture and fixtures,” said Crews, who declined to disclose the renovation cost.

The hotel will stay open throughout the process with rooms coming offline only when they are being upgraded.

Source: The Daily News Online & Chandler Reports

Eric Smith