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Plans afoot for 450-room hotel near Elvis' Graceland in Memphis, Tenn.

New hotel catering to Elvis Presley fans planned for Graceland in Memphis, Tenn.

Graceland may be gaining a 450-room hotel to greet visitors to the estate in Memphis, Tenn., where Elvis Presley lived and died.

New owners of Elvis Presley Enterprises recently won local approval for what's tentatively being called the Guesthouse at Graceland, according to a company statement. It would be on a separate property north of Graceland and serve tourists coming to tour the king of rock 'n' roll's spread.

If all goes as planned, the hotel is expected to open in August 2015. The hotel will include a sports bar, theater and center for events.

Renderings show the entrance will look a bit like Graceland, which has a Colonial Revival-style front framed by white columns. The hotel plan made it through the approval process by city agencies, according to the Memphis Daily News.

"I want to rise and say this particular project will generate up to $70 million in the inner city," Memphis City Councilman Harold Collins said in the story. The newspaper also reported in mid-May that Presley Enterprises plans to close an existing property, the 128-room Heartbreak Hotel, when the new hotel opens.

Presley bought the 1939 estate in 1957 when he was 22. He paid a little more than $100,000, according to Graceland's website.

Presley died Aug. 16, 1977 at the age of 42.

More than half a million visitors a year stream into Graceland, which opened 32 years ago for public tours. It was designated a National Historic Landmark in 2006.

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