City says Sheraton purchase is moving forward but asks two weeks to deliver documents and timeline

Chair Green called the Economic Development, Technology and Tourism Committee to order and asked the administration for an update on the proposed Sheraton Hotel acquisition and next steps. Antonio Adams, chief operating officer, and city attorneys including Andy Jones and Cheryl Hearn briefed the committee and answered council questions. Adams and Jones said multiple legal and operating agreements must be aligned before the city signs a purchase agreement and warned that signing too early would trigger a 30‑day closing deadline and risk a $1 million escrow forfeiture if the city could not close. Jones said the administration expects documents to be ready “by the end of this month” and was aiming for a closing no later than Sept. 15, with the Carlyle entities to take over short‑term operations and a third party nonprofit to receive the hotel for long‑term redevelopment. Jones cautioned that the transaction is more than a real‑estate sale: it covers an ongoing hotel business, a franchise agreement with Marriott, predevelopment and later transfer documents and tax‑exempt entity paperwork, and…