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.
Topics
One Beale backstop Jim StricklandBill Dries on demand
Never miss an article. Sign up to receive Bill Dries' stories as they’re published.
Enter your e-mail address
Bill Dries
Bill Dries covers city and county government and politics. He is a native Memphian and has been a reporter for almost 50 years covering a wide variety of stories from the 1977 death of Elvis Presley and the 1978 police and fire strikes to numerous political campaigns, every county mayor and every Memphis Mayor starting with Wyeth Chandler.
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.