City hopes to close on Sheraton by mid-September
The City of Memphis plans to close on the Sheraton Memphis Downtown Hotel by Sept. 15, attorneys representing the city told the Memphis City Council Tuesday, Aug. 5.
Andy Jones, an attorney with Burch, Porter & Johnson, said the city planned on completing all of the necessary paperwork by the end of August and close by mid-September.
The City agreed to purchase the hotel last year for $22 million — and issue $30 million in debt. It has already started paying that debt, though the transaction has not yet closed.
Jones and Cheryl Hearn, deputy city attorney, described the transaction as complex and involving eight different documents that are being merged into one.
After closing, Carlisle Development Corp. will take over running the hotel that’s attached to Renasant Convention Center and start the process for redeveloping it.