MEMPHIS, Tenn. — The city of Memphis announced it has reached a deal with Loews Hotels to build a new, 500-room hotel in Downtown Memphis.
City officials signed a letter of intent on Tuesday with Loews Hotels to build the new "Memphis Convention Center Hotel" on North Main Street downtown, according to a release from the city.
That Loews branded hotel will have a minimum of 500 rooms, including meeting spaces, restaurants, retail and related spaces including ballrooms.
It will be built on 140 North Main Street, next to the Civic Center Plaza.
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According to the letter of intent, the hotel has a goal of opening by the end of 2022, with an option of extending it to 2024.
As part of the agreement, the city agreed to seek city council approval of a five percent “tourism surcharge” – under the “Surcharge Act” – for a period of up to 30 years after the hotel opens.
That incentive is conditional on meeting certain state and local approvals, including the hotel being operational by June 30, 2024.
Below is the full statement from Mayor Jim Strickland:
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