The Sheraton Memphis Downtown—a 600-room full-service hotel directly connected to the Renasant Convention Center—was sold in a transaction brokered by Hunter Hotel Advisors. The property was sold by an institutional seller to the City of Memphis in a transaction led by Spencer Davidson and Tim Osborne, SVPs at Atlanta-based Hunter Hotel Advisors. Other terms and conditions were not disclosed.
The hotel will undergo a renovation which will be executed in partnership with Carlisle Development Group.
“We are thrilled to collaborate with the City of Memphis on this transformational project,” said Stephen Kallaher, chief hospitality officer for Carlisle Development Group. “Our vision is to reimagine this landmark property into a world-class Marriott hotel that captures the spirit and energy of Memphis. The new Marriott Hotel Downtown Memphis will stand proudly alongside the stunning Renasant Convention Center, together creating a vibrant destination that celebrates our city’s growth, hospitality and future.”
The Sheraton is the largest hotel in Memphis and serves as the city’s primary headquarters hotel for convention and group business. The hotel features 600 guestrooms, 18,131-square-feet of on-site meeting space, an indoor pool, fitness center and direct access via enclosed skywalk to the 300,000-square-foot Renasant Convention Center, which recently underwent a $200 million modernization to elevate Memphis’ position in the national convention market.
“This transaction was highly complex and required close coordination among numerous parties,” said Davidson. “We are pleased to see the Sheraton transition to the City of Memphis in what we believe is a significant value-add opportunity.”