The Crowne Plaza hotel moves forward with new ownership
The 230-room Crowne Plaza Memphis Downtown at 300 N. Second St. is moving forward under new ownership and a $9 million face-lift planned.
The Center City Revenue Finance Corp. transferred the payment-in-lieu-of-taxes (PILOT) incentive to developer Nirav “Neal” Patel in a special-called meeting Tuesday, Jan. 28.
The approval solidifies Patel’s ownership of the 1.87-acre property, as the PILOT transfer was a condition of Patel's buying the IHG hotel. Patel’s closing deadline is Feb. 10.