Developers and promoters used Elvis Week as the perfect time to tout big development plans for
Elvis Presley's Graceland over the next few years, including expansion into a 120-acre campus that will feature at least two new hotels nearby.
Graceland LLC broke ground at a ceremony late last week on the 450-room The Guest House at Graceland, a resort-style hotel that is scheduled to open in the fall of 2015.
"Elvis had plans for Graceland. He had plans for the property, so that's one thing that we are so happy to have here--that we get to see his dream to come true on this property," said Priscilla Presley at the groundbreaking ceremony. "For the first time we get to see some enhancement, and we have to have that…Elvis was never archaic. He was modern, he was contemporary and he loved edgy things, so we're going to keep that happening for him."
The new hotel, which is the largest hotel project in Shelby County in 30 years, according to the
Memphis Convention and Visitors Bureau, will feature two restaurants, meeting and special events space and a 500-seat theater for live performances.
Earlier this month, the Memphis City Council Committee approved tax incentives that will allow
Elvis Presley Enterprises to use sales tax it makes as a Tourist Development Zone to help fund the hotel's construction.
The park opened the new Graceland Archives earlier this month and is rolling out a new virtual iPad tour of Graceland. Future development is set to include a new retail plaza across the street from the attraction.
Earlier this month SNP Investments also filed a building permit in Whitehaven for a $3.5 million 85-room Holiday Inn Express on Elvis Presley Boulevard near Graceland.
The new projects are expected to stimulate future economic growth for other businesses along Elvis Presley Boulevard.
By Michael Waddell
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