February 20, 2024

Banos Online

Traveling Around the World

Loews Memphis resort project will not transfer ahead

Loews Hotel Company has pulled the plug on ideas for its Memphis skyscraper hotel, informing city officers this year it will not transfer ahead with a 20-moreover story hotel on Civic Center Plaza Downtown. 

New York-primarily based Loews experienced prepared to make a convention middle hotel a block absent from the recently renovated Renasant Conference Center. Programs when involved refurbishing the outdated Memphis Law enforcement Headquarters setting up on Adams Avenue, but the offer for the land never ever closed. 

“While we are dissatisfied that Loews Inns will not be coming to Memphis as planned, we continue being inspired by the ongoing expansion of the business, notably in our downtown main,” the town of Memphis explained in a statement Tuesday. 

Paul Younger, Downtown Memphis Fee president and CEO, also confirmed the information Tuesday through the Centre Town Earnings Finance Corporation conference. 

“When this is a disappointment, it should really also arrive as no shock presented the conditions we have found over the very last two years,” he advised board associates. “Despite this information, we are going to remain upbeat and optimistic about the upcoming of hospitality in Memphis.”

The site of the future Loews development. Photographed Tuesday, July 7, 2020, in downtown Memphis.

More:This is why a large neon carrot could shortly sprout in Downtown Memphis

Subscribe to browse:What would the $267 million revitalization of 100 N. Major signify for Downtown Memphis?

Loews, in a assertion, did not close the door on a long term project in Memphis and cited a limited lending setting. 

“We really like Memphis, the people today and the destination. The pandemic set worries on the resort market place and the lending current market, creating the economics of our proposed transaction remarkably hard. Our hope is the upcoming will enable us to glance at new transactions in Memphis, despite the fact that the timeline is undefined,” Alex Tisch, Loews president, mentioned in a assertion.