Mayor Young says Sheraton hotel deal worth delays
Memphis Mayor Paul Young said on “Behind The Headlines” the city’s $22 million purchase of the 600-room hotel helps protect the city’s $200 million investment in the Renasant Convention Center.
There are 22 article(s) tagged Sheraton Memphis Downtown Hotel:
Memphis Mayor Paul Young said on “Behind The Headlines” the city’s $22 million purchase of the 600-room hotel helps protect the city’s $200 million investment in the Renasant Convention Center.
“Before this actually gets signed, we will have paid $8 million that we don’t officially own yet,” said City Council member Jerri Green.
Memphis Mayor Paul Young said the deal had taken longer than expected, but he was unsure about the specifics.
The hotel attached to the Renasant Convention Center might become a Marriott once renovations are complete.
The affiliate will be tax-exempt and have no legal or financial liability in the city’s transaction.
A DMC board approved bonds to loan Memphis the millions needed to buy and maintain the Sheraton Memphis Downtown hotel, renovate AutoZone Park and update the 100 N. Main parking garage.
Memphis Mayor Paul Young said the city wanted to find a creative way to redevelop the hotel in an interview Monday, Sept. 23.
The Renasant Convention Center’s general manager said the convention center would be “like a racecar without wheels” without the hotel.
A hotel expert thinks the Sheraton could be a “really good opportunity for a buyer under the right circumstances.”
Despite receiving a 30-year pilot, the owners of the hotel at 250 N. Main St. are planning to sell.
A 5% surcharge on anything bought at the Sheraton Memphis Downtown Hotel drew lots of questions from Memphis City Council members Tuesday, Nov. 15. Council members were surprised that plans for a 300-room expansion remain tentative.
Discussion of $226 million Sheraton renovation project was delayed to Oct. 11.
The existing restaurants and bars will be converted into an upscale Memphis-themed sports bar. Additionally, an event deck will be built on the second floor, according to the application.
The Sheraton Memphis Downtown Hotel's expansion needs could come in conflict with a more than 200-year-old slice of Memphis history.
The City Council also will review an agreement to take in animals impounded outside the city at Memphis Animal Services.
The owners of the Sheraton convention center hotel will seek a 30-year PILOT – payment in lieu of taxes – incentive for a major renovation of the 600-room, two-tower hotel.
A bid by the Sheraton Downtown Memphis Hotel to block incentives for a new Loews convention center hotel in Memphis has been dismissed in Davidson County Chancery Court.
A Davidson County chancellor on Thursday, Aug. 15, left intact key challenges by Sheraton hotel against tax incentives for a proposed rival Loews convention center hotel in Memphis.
Lawyers for Memphis, the Downtown Memphis Commission and Sheraton sparred Tuesday in Davidson County Chancery Court over a bid to block state-approved incentives for a new Loews Hotel.
Rulings are pending in Davidson County Chancery Court on a variety of dismissal motions in a Downtown Memphis Sheraton lawsuit challenging incentives for a proposed Loews Hotel.
A city council resolution on the financing of a second convention center hotel added to Tuesday's agenda is an answer to changes in a lawsuit filed by the owners of the city's original convention center hotel recently.
Sheraton Downtown Memphis Hotel attorneys say the City Council committed a series of missteps in approving public incentives for a rival Loews Hotel project in August.
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