Memphis City Council presses for updates on stalled Sheraton hotel purchase agreement

The Memphis City Council Committee Meeting on August 5, 2025, focused primarily on the ongoing complexities surrounding the city's planned purchase of the Sheraton Hotel. Council members expressed frustration over the lack of timely information and documentation from the city attorney's office, which they deemed essential for fulfilling their responsibilities to constituents.

Councilman Adams highlighted the need for more comprehensive updates, stating that without full information, the council cannot effectively address public concerns regarding the hotel purchase, which is valued at $30 million. He emphasized the importance of transparency, particularly given the significant taxpayer investment involved.

During the meeting, attorney Jones provided an update on the status of the hotel acquisition, noting that the transaction involves multiple entities and has faced several obstacles typical of complex mergers and acquisitions. He assured the council that they are moving forward and anticipate closing the deal by September 15, 2025. However, he acknowledged that the process has been slower than expected due to the intricate nature of the agreements involved.

Dean Dennis, general manager of the Renaissance Convention Center, and Camille Wellington, director of sales, also addressed the committee, stressing the economic impact of the hotel’s delayed renovations. They reported a significant loss of business opportunities tied to the hotel’s current state, which has hindered the convention center's ability to attract clients.

Council members voiced their concerns about the financial implications of the delays, particularly the ongoing debt service payments on the bonds issued for the hotel acquisition, which amount to approximately $3.8 million annually. They called for clearer communication and a more defined timeline for renovations to reassure constituents and stakeholders.

The committee agreed to reconvene in two weeks to further discuss the matter, with a focus on obtaining more detailed documentation and establishing a clearer path forward for the hotel project. The urgency of the situation was underscored by the council's commitment to ensuring that taxpayer dollars are managed responsibly and effectively.