Great Location, O.K. Hotel
This hotel is located right across the street from the famous Peabody hotel and Autozone Park, the ballpark of the local minor league baseball team. It's also in the middle of Downtown Memphis, and there's plenty of restaurants and bars within one or two blocks. Beale Street is a short jaunt away as well.
So in terms of location, you can't do much better. However, with location you're going to be paying high prices and the nearby convenience store and elsewhere. 
As for the hotel, the immediate impression is that the drive where you pull into for the valet is very small and crowded. In addition, they allow cars to park within it, so it actually looks a little like a parking lot. As we walked in, the building opened up to a huge atrium with some weird kind of faux brick façade on one of the side walls. There were two people ahead of us waiting to check in at 5 PM on a Monday with one hotel employee. Pretty soon a line began forming out the door of eight or nine additional people. However, I will add this - the one hotel employee was very pleasant and very efficient. She had a great personality and just plowed through, getting the guests registered in a rapid manner.
I'm a Hilton Honors member, so they put us up on the 8th floor. However, no complimentary breakfast, which I know was offered to other HH members. Probably not enough points for me, though I've received free breakfasts at other Hilton hotels.
The 8th floor was pretty dingy. Since the hotel is so large, it did not feel like the hallways were well air conditioned. Felt kind of damp and musty. Once in the room, the AC was on full blast, which was a welcome relief from the 100 degree heat outside. The room was large with two nice full beds that were very comfortable. The rest of the amenities were standard, though the bathroom fixtures were a little dated and their was some mold in the grout.
I would have liked to have seen a small fridge and the ice bucket provided was tiny.
Again, there's really nothing wrong with this hotel and I'm being very nitpick, but it was simply average compared to some other Hilton hotels where I've stayed.