Mary Gibson, chief legal officer, told the Economic Development committee the city closed on the Sheridan property on Nov. 5 and conveyed title to an entity named 250 North Main LLC, described as part of the Downtown Memphis Commission (DMC) holding structure to hold the asset while architecture and engineering work proceeds.

Gibson emphasized the administration’s position that the city will not fund full renovation risk nor spend large capital sums to renovate the hotel itself; instead the plan is to convey to a third‑party developer who will incur renovation risk. Gibson said the predevelopment/A&E phase is expected to take roughly one year, and, conservatively, renovations to achieve Marriott (or comparable flag) status could take two additional years after A&E completion.

Councilmembers asked about maintenance, potential bond impacts and whether the property is currently under a hotel flag. Gibson said the property is not flag‑branded and that the city is working with consultants and operations leads; she asked the committee to schedule periodic check‑ins, and members agreed to regular updates during the predevelopment period.