Northern FlyerUK,
Sorry for the late response. I just saw your post. My husband travels to Memphis all the time and swears by the Madison Hotel. It's a small, luxury boutique hotel in downtown Memphis. He says the rooms are much nicer than the Peabody or anywhere else in town.
While you're in Memphis, you've got to try Corky's Barbeque. It's awesome!
Best regards,
MrsExecPlat