The Rambler Hotel—an 18-suite boutique hotel in downtown Memphis, Tenn.—was sold in an auction deal facilitated by Marcus & Millichap. Other terms and conditions were not disclosed.
Located on S. Main St., the Rambler Hotel is an apartment-style asset originally constructed in 1900 and redeveloped in 2021. The property was a finalist for the 2022 Building Memphis Awards for Best Renovation.
The three-story building features loft-style suites with full kitchens and living areas, designed to accommodate extended stays and group travel, as well as ground-floor retail space anchored by a long-term lease to Simmons Bank. The property is situated in Memphis’ South Main Arts District, within walking distance of Beale Street.
Lucas Jalenak and Alexandre Duong, in association with Jody McKibben—Marcus & Millichap’s broker of record in Tennessee—represented the seller and collaborated with Ian Grusd and Connor Curtin of Marcus & Millichap’s Auction Services to market the asset and secure the buyer.
“This sale represents the highest price-per-room hotel trade in Downtown Memphis since 2021,” Lucas Jalenak, associate investments, Marcus & Millichap, said in a statement. “Given the property’s unique characteristics, the seller chose a national auction campaign paired with local market expertise to expand the buyer pool.”
“The strategy delivered strong results, with more than 60 interested parties, 34 offers over two days of live bidding and a list to close in under 100 days,” added Grusd.