Expensive but (almost) worth it
Stayed at the Hampton Inn Beale St. for one night on 1/11/12 on the way from Chgo to New Orleans. This location is, indeed, perfect for exploring Beale St. (which is right around the corner.) The entrance empties into a circle drive courtyard with numerous colorful flowers and a multi-spigot fountain emenating from the the brick drive at its center. This was the first clue we were in the South and on the way down to New Orleans. The hotel has a parking facility that adjoins the hotel, but it is shared with the public during events at nearby large sports venues, so it is only semi-secure & you may have to wait to get your car if a function has just ended. We had no problem with any of our belongings in the car or hotel. 
This hotel is very contemporary, and you can see that Memphis, though struggling & a little down at the heels, is trying very hard to have a downtown resurgence. I walked one block alone from the Gibson guitar factory back to the hotel while hubby took the tour at Gibson. However, I am from Chicago & have street smarts. I did have to cross the street at least twice to avoid a panhandler & someone who appeared to want to approach me, and though it may have been Southern hospitality, I did not respond to a 3rd urban stranger who seemed to want to make conversation in passing. Common sense in any large urban area. That said, the genuine hospitality and polite gentility of the staff at this Hampton was a sweet surprise to this weary traveller. Not that Chicagoans are gruff (we are known to be welcoming as well) but this is where the Southern-style hospitality really shows. The young man who helped with our bags & valeted our car even provided an in-room fridge on request (guess it's not standard.) I've forgotten his name now (Jason?), but I made sure we filled out a compliment form for him as he was super polite, informative, and genuinely kind. Make sure you remember to ask for & fill out an employee compliment card (and tip where appropriate) if someone gives you really good service. (Remember, everyone these days is under pressure from their boss or corporate to perform perfectly. Their job or promotion may rest on you... but avoid being snarky rather than truly disatisfied--most people try their best...) 
The room was quiet & appropriate temperature maintained, and beds here were very comfy. The breakfast was organized, prompt, and very good (the usual waffles, yogurt, cereal, eggs, sausage gravy w/biscuits, bagels, muffins, fruit, coffee/tea but very well-presented so it didn't seem "canned".) The eating area is designed to look like a large, high-end kitchen in a home. Tea & coffee is in the lovely lobby 24/7. There are tables & chairs & also a long, high-top, lounge-style set up in view of the massive fireplace, where several people were using laptops. However, for business travellers, there is also a computer office near the front desk with a copier that can handle large print jobs, computers w/internet, pens & notepads, post-its & paper clips.
I have two complaints. I always look for a hotel with a pool and/or hot tub when I travel because swimming really relaxes me & let's me know, "Vacation ON!" Despite the fact that I specifically asked if these amenities were working when I booked and before we left, I arrived to find that only one (feeble) jet in the hot tub was working -- so I had to be satisfied with a hot soaking tub. Even more disappointing was the fact that the "heated" pool was ice cold & could not swim in it. I did mention the problem to the front desk, but they seemed to feel it was something beyond their control and I got the impression it had been that way for a while. When you call the hotel, Hampton Inn has a recorded message that Hampton wants the guest to be totally satisfied or your stay is free. I was also double charged the $17 daily parking fee, which was promptly and politely refunded. I did ask to speak to a manager about the non-working pool & hot tub, specifically saying I did not want a refund, but felt that, despite the location, the hotel was pricey (about a $189 per night with parking) if the pool & hot tub weren't heated or working and a small accommodation would be in order. (We normally stay at Country Inn & Suites and this was our first experience at Hampton.) The girl on the phone apologized and said a manager would call me, but no one never did. These are the reasons I can't give Hampton Inn Beale St. five stars, despite the efforts of the staff.
See my review of Beale St. elsewhere on Trip Advisor.