This asset was purchased through the bankruptcy auction process after foreclosure for $7,200,000. Wright Investments used its knowledge of the asset as the previous manager and owner to re-purchase, fully renovate, and repair the physical condition of the well-branded and well-located but capital-starved asset. A $2,600,000 renovation allowed Wright Investments to aggressively manage and market the property and capitalize on the strength of the downtown Memphis market. The property provided and IRR of 42.3% to Wright’s Hospitality Opportunity Fund I.