Graceland, the home of Elvis Presley in Memphis, TN, is set to host the sold out 2020 Miss USA pageant this November. However, a neighboring tourist hotel, The Travelodge by Wyndham, filed for Chapter 11 bankruptcy on September 15.
A company by the name of EAS Graceland LLC bought the The Travelodge hotel in March 2019 for $1.8 million. The company's bankruptcy filing listed assets ranging from $0 to $50,000 and debts ranging from $1,000,001 to $10,000,000.
As the U.S. economy attempts to forge ahead through a global pandemic, hotels struggle to survive with minimal reservations and higher-than-normal operating costs.
And while many hotels are experiencing difficulty maintaining substantial reservations during the pandemic, entertainment venues within similar locations are begi...