City reaches deal on One Beale Grand Hyatt financing
The City of Memphis administration and developers of One Beale have reached an agreement on new financing for the Grand Hyatt hotel, a rendering of which is shown here, as part of the project. (Rendering courtesy Carlisle Corp.)
The agreement announced Thursday, Sept. 1, bypasses a city backstop of a reserve fund Carlisle Corp. had sought. Instead, the city puts up $10 million to be repaid by the One Beale developers in 10 years.
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Bill Dries
Bill Dries covers city and county government and politics. He is a native Memphian and has been a reporter for more than 40 years.
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