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.
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Samuel Hardiman
Samuel Hardiman is an enterprise and investigative reporter who focuses on local government and politics. He began his journalism career at the Tulsa World in Tulsa, Oklahoma, where he covered business and, later, 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 Memphis Commercial Appeal’s city hall reporter and later joined The Daily Memphian in 2023. His current work focuses on Elon Musk’s xAI, regional energy needs and how Memphis and Shelby County government spend taxpayer dollars.
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