The plan is to invest $70 million into this property, to build a six-floor, 450-room hotel on 25 acres. The hotel will occupy a space previously occupied by an apartment complex and an automobile dealership. The hotel will have a resort feeling with a large swimming pool, event center and outdoor event space, as well as more than 400 parking spaces for guests. The Elvis Presley Boulevard traffic light will be moved near the entrance of the hotel and the speed limit will be reduced on Elvis Presley Boulevard.
Plans for "The Guest House at Graceland" include a restaurant, sports lounge and some Elvis-themed suites. According to architectural drawings released by Elvis Presley Enterprises, "the Guest House at Graceland" will be modeled after Graceland mansion, with similar roofing, interiors and colors.
Preparation for "the Guest House at Graceland" is scheduled to tentatively begin June 2014. The official ground breaking will possibly take place in August 2014. The tentative opening date for "the Guest House at Graceland" is August 2015, hopefully in time for guests at Elvis Week 2015. After "the Guest House at Graceland" is completed, the Heartbreak Hotel will eventually be torn down, but the RV park will remain for now.
The project will be funded privately, and Elvis Presley Enterprises already owns the land the hotel will occupy. The plans were presented during a town hall community meeting at the Elvis Presley Automobile Museum at Graceland on the night of Thursday, May 15th.
Elvis Presley Enterprises was acquired in November 2013 by Authentic Brands Group LLC and National Entertainment Collectibles Association for $130 million.
sources: MyFoxMemphis, Memphis Business Journal and Action News 5