MEMPHIS, Tenn. — The Sheraton Hotel on Main Street may have a potential lifeline after Mayor Paul Young said he wants the city to buy the 600-bed hotel.
However, for that to happen the city council would have to give their approval.
While some believe the purchase could be a major win for Memphis tourism, others say the city has bigger priorities that should be addressed first.
“We think it’s an important asset in downtown economic development,” Young said. “Obviously for tourism as a whole.”
Young told WREG that the city would buy the Sheraton for $22 million through issuing bonds and would require Memphis City Council approval.
“We want to make sure that facility continues to have life and vibrancy,” Young said. “(It’s) in a situation right now (where) by the end of the year, it could go dark and we don’t want that to happen.”
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Mayor Young and some city leaders say the deal would protect the more than $200 million investment made into the nearby Renasant Convention Center which resurrected that building during the pandemic when there were few tourists.