Great location for Graceland.
We stayed here for only one night to visit Graceland. The hotel was great value for money, the rooms were large, comfortable and quiet! Plenty of parking was available and we were able to leave our car here after checkout and walk to Graceland. It was only a 5 minute walk at the most! 
As far as the area was concerned, it didn't feel all that safe, we would not be walking around at night, however we did not have any problems or see anything that can verify this. 
The staff were very friendly, check in was quick and hassle free. 
If all you want to see is Graceland then I would recommend this hotel.