Memphis hires hotel consultant as Sheraton deal remains incomplete
Last year, Memphis Mayor Paul Young’s administration announced plans to acquire the Downtown Sheraton. (Patrick Lantrip/The Daily Memphian file)
The City of Memphis recently inked a deal with a hotel developer for advice on the potential redevelopment of the Sheraton Downtown Hotel.
According to a copy of the contract, the City will pay Maryland-based Capstone Development $4,000 per month to advise on a deal that has yet to close. The contract also indicates that the City is bringing in the out-of-town help for a deal that carries considerable potential risk for Memphis taxpayers.
This is an excerpt of this story. To read more, please click here and subscribe.
Topics
Subscriber Only city of Memphis Sheraton Downtown Hotel Capstone DevelopmentThank you for being a subscriber to The Daily Memphian. Your support is critical.
As a 501(c)3 nonprofit news organization with a hybrid business model, we rely on a mix of revenue from subscriptions (50%), advertising, events and miscellaneous earned income (25%) and fundraising (25%).
Please consider making a fully tax-deductible donation or other contribution to The Daily Memphian today.
👉 Your subscription pays for you to read all our journalism.
👉 Your donation powers the work we do to reach everyone else with the news.
We believe an informed Memphis is a better Memphis. If you agree, join our growing list of donors now.
Samuel Hardiman
Samuel Hardiman is an enterprise reporter who focuses on government and politics. He began his career at the Tulsa World where he covered business and K-12 education. Hardiman came to Memphis in 2018 to join the Memphis Business Journal, covering government and economic development. He then served as the Commercial Appeal’s city hall reporter and later joined The Daily Memphian in 2023. His current work focuses on the intersection of government, public policy, influence and how public dollars are spent.
Comments
Want to comment on our stories or respond to others? Join the conversation by subscribing now. Only paid subscribers can add their thoughts or upvote/downvote comments. Our commenting policy can be viewed here.