In a bid to boost its convention and tradeshow market, the City of Memphis has spent $22 million to purchase the largest hotel in the city: the 600-room Sheraton Memphis Downtown.
Connected to the 300,000-square-foot Renasent Convention Center, the property became city owned in early November and a $250 million renovation has begun that will see it become a Marriott.
The largest hotel in Memphis, it serves as the city’s primary property for convention and tradeshow business. In addition to the 600 guest rooms, there is 18,130 square feet of meeting space, an indoor pool, fitness center and direct access to the convention center via a glass-enclosed skywalk.
In late 2021, Renasent C.C. completed a $200 million modernization that added a 28,000-square-foot ballroom plus more breakout rooms, glass-walled prefunction spaces and a large outdoor terrace with panoramic Mississippi River views.
According to a media release from the city, “the renovation will elevate the [hotel] to match the quality of the modernized convention center and reinforce the momentum across Memphis’ downtown hospitality and convention district.”
For conventions and tradeshows, the convention center and adjacent hotel are bolstered by the city’s corporate and institutional anchors such as AutoZone, FedEx, St. Jude Children’s Research Hospital and University of Tennessee Health Science Center. Also, the vibrant musical heritage district that includes Beale Street and several museums is nearby.
“This transaction was highly complex and required close coordination among numerous parties,” said Stephen Kallaher, chief hospitality officer of Carlisle Development Group, which will oversee the hotel renovation. “We are pleased to see the Sheraton transition to the City of Memphis in what we believe is a significant value-add opportunity. The repositioning of this hotel is overdue and important to strengthening Memphis’ competitiveness as a convention destination, while supporting the broader economic vitality of downtown.”
