MEMPHIS, Tenn. -- A multi-million dollar hotel next to Graceland is one step closer to becoming reality. Thursday, the city's Land Use Control Board approved the plans. All that's left is the city council's approval.
Elvis Presley Enterprises wants to build a 450-room, $70 million hotel called the Guesthouse at Graceland.
"We believe this is a part of the puzzle, but it's a significant piece," said Memphis City Councilman Harold Collins.
Collins said the hotel would bring up to 100 jobs, increase property values and attract new business along Elvis Presley Boulevard. He said it's no surprise the plans are flying through the approval process.
"I think council members recognize the significance of $70 million in private investment inside the inner city," said Collins.
While Elvis Presley Enterprises won't comment on the plans right now, WREG is told the hotel is complete with a restaurant, sports facility and performance theater.
People in Whitehaven said it's what they need to turn their community around.
"I think it will revitalize the area, and it just be great for it," said Joesph Honan.
But not everyone is convinced a hotel will clean up the area.
"It is better downtown. If I can have a choice to stay in that area or downtown, I would stay downotwon," said Angela Debose. "I don't think it will work."
The city council is expected to vote on the plans at their meeting on July 3. If they approve it, Elvis Presley Enterprises could break ground as soon as August.
The new hotel is planned to open in August 2015. If the new hotel is built, the Heartbreak Hotel will close.