The City of Memphis has made it clear that the Sheraton Memphis Downtown Hotel's renovations will not be a burden borne by taxpayers, the city's chief legal officer informed city council members during a recent meeting. The city, which finalized its $22 million acquisition of the aging hotel on November 5, has handed over the responsibility of its extensive $250 million renovation project to a private developer, 250 North Main LLC, who will finance and execute the upgrades, as reported by Action News 5.
With over 600 rooms in dire need of attention, the Sheraton stands as the largest hotel in Memphis it's been left in a state of disrepair following years of neglect, the cost of proper upkeep having spiraled beyond the means of its previous owners. The City of Memphis doesn't intend to spend a quarter-of-a-billion dollars on refurbishments, instead, Tannera Gibson, the Chief Legal Officer for the City, specified in statements obtained by FOX13 Memphis, that "The City of Memphis, as an entity, will not be the entity spending a quarter-of-a-billion dollars to renovate the hotel; we will convey it to a third party, who will incur the risk."
The city's recent closure on the Sheraton has triggered discussions about the hotel's future and the impact these renovations will presumably have on the Downtown Memphis area, as noted by The Commercial Appeal. The renovation plan encompasses a total revamp from upgraded rooms and lobby to expanded meeting spaces all designed to infuse new life into the storied landmark.
As Memphis looks forward to a refreshed downtown landscape, the city's leadership, in a bid to reassure its constituents, has opted for a hands-off financial approach, ensuring that while the Sheraton will indeed be renovated from top to bottom, it will be 250 North Main LLC taking on the financial risks and responsibilities of the project completion is projected by 2029, but it's the private sector that will be the muscle and money behind turning the pages of this hotel's next chapter.
