VOL. 127 | NO. 60 | Tuesday, March 27, 2012

Alpha Hospitality Ventures LLC has filed two loans totaling $6.6 million through Cecil Bank for Memphis Airport Hotel & Conference Center in Nonconnah Corporate Center.

The company bought the property, 2240 Democrat Road, for $4.4 million at a July foreclosure sale, financing it at the time with a $4 million open-end mortgage through Cecil Bank.

The 270,000-square-foot, five-story hotel was built in 1974 and includes 374 rooms, more than 30,000 square feet of conference space and an on-site restaurant. It is on 7.6 acres at the northeast corner of Nonconnah Boulevard and Democrat Road, about three miles from Memphis International Airport. The hotel has frontage on Airways Boulevard to the east, and the Shelby County Assessor of Propertys 2011 appraisal is $5.5 million.

Of the two loans, $5 million is through a federal Small Business Administration program that uses tax dollars to assist small business owners.

The hotel and conference center went into foreclosure last year after its former owner, which bought the property for $8.3 million in 2008, defaulted on a $12.8 million loan.

Source: The Daily News Online & Chandler Reports

Daily News staff

U.S. Airways over the weekend opened more flights between Memphis International Airport and Reagan National Airport in Washington.

The three daily nonstops to Washington began Sunday. But airport and U.S. Airways officials marked the occasion Monday, March 26, at the airport.

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