MEMPHIS, Tenn. – The owners of the Sheraton Memphis Downtown Hotel are reportedly looking to invest $226 million into renovations of the property.
As reported by the Memphis Commercial Appeal, public documents show developers plan to add 300 hotel rooms to a new tower at the hotel, as well as significant changes to the existing facilities.
The project would be a collaboration between Starwood Capital Group and Schulte Hospitality Group.
The hotel currently has 600 rooms and more than 16,000 square feet of meeting and exhibit space, but has not undergone significant upgrades in more than a decade.
According to the article, an application for the project states the purpose is to make the hotel the “living room” for the nearby Renasant Convention Center.
The proposed renovations to the hotel’s existing buildings include updates to the lobby, lobby bar, guest rooms, bathrooms, and meeting spaces; and converting the existing bar and restaurant into a “upscale Memphis-themed sports bar and grill.”
If the plans go through, construction of the second tower is expected to be around 22 months, the article states.
Developers also plan to enter into a parking agreement with the convention center for approximately 230 parking spaces over a 10-year period.
The Commercial Appeal article also notes the planned Grand Hyatt hotel in the proposed One Beale development would serve the Renasant Convention Center. Developer Chance Carlisle reached an agreement with the city for incentives to move that project forward, but the article states “they are up against the clock to get funding for the project.”