Germantown is a suburb of Memphis, and is close to FedEx's
world headquarters, which is one reason, according to Brett Moody
, that the hospitality asset appealed to the REIT.
"We like the idea of FedEx's world headquarters being there.
Thomas & Betts is also there, and there is a lot of Amazon (Inc.) activity in the area as well," comments Moody, who is chairman, founder and CEO of Moody National Cos.
"We have a strong relationship with Amazon
through our Seattle properties, and we'll look forward to continuing that relationship in the Memphis MSA
The hotel itself can accommodate extended visits; it offers amenities including Wi-Fi access, a heated outdoor pool, fitness center, a 24/7 guest kitchen and an on-site bakery caf.
"This isn't really a full, extended-stay property, but it's ideal for someone who might be staying two or three nights," Moody
Moody tells GlobeSt.com that the REIT is looking for premium-branded, select-service hotels in major metropolitan markets on both coasts and in the sunbelt areas.
also points out that the preference is for mint-condition, cash-flowing assets at steep discounts, especially in economies like the current one.
Though there has been some economic improvement, "we don't buy stories," Moody