Nonprofit created to manage Memphis’ largest hotel until citys 2-year renovation study complete [Video]

MEMPHIS, Tenn. (WMC) – Just as Memphis River Parks Partnership (MRPP) manages Tom Lee Park, the Downtown Memphis Sheraton, the largest hotel in the city, now has its own nonprofit managing the property.

Earlier this month, the city council approved the city’s purchase of the hotel for $22 million.

Wednesday, the Downtown Memphis Commission’s Center City Development Corporation approved the creation of “250 North Main LLC,” a tax-exempt 5013c that will operate the property while a two-year engineering study is done to determine renovation costs.

The Sheraton, built in the 80s, is outdated and needs major upgrades to match the newly-renovated Renasant Convention Center next door and attract bigger conventions.

The city council’s vote to buy the hotel was unanimous.

The plan is the brainchild of Memphis Mayor Paul Young, who was president of the Downtown Memphis Commission before becoming mayor.

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