Elvis Presley's dream of building a guest house at his Graceland property is about to come true.

The Guest House at Graceland is a six-storey, 450-room hotel which will open on October 27 just steps from Presley's former home in Memphis.

The exterior, with columns, arches and a portico, evokes the feel of a comfortable southern colonial home, but the interior design and amenities are modern.

Presley died on August 16, 1977, and Graceland was eventually turned into a museum. Priscilla Presley, the singer's former wife and a caretaker of his legacy, said Elvis had made plans to create a guest house at Graceland as far back as 1960, but it was never built.

"This luxury hotel is the most significant enhancement to Graceland since we opened in 1982," she said. "This is huge... I feel that it's just so right for fans, and our guests, and tourists."

The hotel is the first of its kind in the Memphis neighbourhood of Whitehaven. Droves of applicants flocked to a job fair on Saturday, and the hotel will employ about 450 people.

When the hotel opens, room prices will range from £115 for basic accommodation to £1,000 for the highest-priced suite.

The location lets Elvis fans stay within walking distance of Graceland and the tourist attractions across the street, but it will likely attract other visitors as well.

It will offer the most upscale accommodation in the immediate area, which has a Days Inn and a couple of other budget hotels. Also nearby, the aging Heartbreak Hotel is scheduled for demolition.

The Guest House at Graceland also promises to become one of the city's top lodging options, along with the Peabody and the Madison several miles away in the downtown area.

"If you ever thought that you wanted to hang out with Elvis and feel like one of his guests, this is your opportunity," said Joel Weinshanker, owner of Elvis Presley Enterprises.

Mr Weinshanker said the total investment in the hotel is about £70.7 million.

The hotel is still under construction, with bulldozers outside and workers installing electric outlets and carpets. But colours associated with The King are already present, such as touches of purple and gold in the carpeting and hallways, gold lighting in the 464-seat theatre, and a picture of Elvis in a gold jacket hanging on the textured grey walls of guest rooms.

At 386,000 square feet, it is about 22 times the size of the Graceland house.

The circular lobby is illuminated by natural light streaming through large windows, with the ceiling featureing mirrors shaped like elongated hexagons. The gray and purple carpet is decorated with a geometric pattern.

Turn right and you get to The Lobby Lounge, an eating and drinking spot with indoor and outdoor seating. Nearby is EP's Bar and Grill, a sports bar-themed restaurant with televisions and a pool table.

A left turn from the lobby leads to another restaurant, Delta's Kitchen, which will feature locally sourced products and a breakfast buffet. There is also a coffee bar, and room service will be available.

Beyond Delta's Kitchen is a large ballroom and four meeting rooms. The theatre venue can be used for musical performances and company conferences.

The rooms feature textured vinyl wall coverings, a glass-encased shower with a wall-mounted body spray, and sleekly designed chairs next to a window with a blackout curtain. Rooms also have a Keurig coffee brewing system and a flat screen TV.

Priscilla Presley said suites will have unique themes. The King's Suite will be designed like Elvis Presley's master bedroom, with rich red and black tones and a custom-draped canopy bed.

"It really is quite beautiful, and it is subtle, and it is contemporary, and it's classy," Priscilla said. "I think our guests will be very happy."