New organization forms to act as home for Memphis Sheraton hotel [Video]

CCDC confirmed the hotel would continue in operation while studies are done.

MEMPHIS, Tenn. — It is full steam ahead to get the Sheraton Hotel back to its former glory in Downtown Memphis.

In the Oct. 16th meeting for the Center City Development Corporation at the Downtown Memphis Commission board members approved the formation of “250 North Main LLC.”

The new organization would effectively hold onto the hotel for the City of Memphis for the next two years while engineering studies are conducted to see how much it would take to renovate the structure.

During the meeting, CCDC officials admitted the Sheraton hotel was in need of severe rehabilitation, and its status was causing a downward spiral at the Renasant Convention Center across the street. According to the CCDC, it has gotten more difficult to book events there.

This comes after the Memphis City Council voted 9-0 to buy the Sheraton Hotelfor $22 million, with $30 million in bonds being issued through an arm of the …

Tags Entrepreneur, Financial Professional, Investing For Beginners, Llc, Money Matters