Hunter Hotel Advisors brokered the sale of the Sheraton Memphis Downtown, a 600-room full-service hotel directly connected to the Renasant Convention Center. 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 Hunter Hotel Advisors.
The Sheraton is the largest hotel in Memphis and serves as the city’s primary headquarters hotel for convention and group business. The property features 600 guestrooms, 18,131 sq. ft. of on-site meeting space, an indoor pool, fitness center and direct access via enclosed skywalk to the 300,000-sq.-ft. Renasant Convention Center, which recently underwent a $200 million modernization.
A forthcoming renovation, to be executed in partnership with Carlisle Development Group, will elevate the Sheraton to match the quality of the newly modernized convention center and reinforce the momentum across Memphis’ downtown hospitality and convention district.
“We are thrilled to collaborate with the City of Memphis on this transformational project,” said Stephen Kallaher, chief hospitality officer, 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 hotel will stand proudly alongside the stunning Renasant Convention Center, together creating a vibrant destination that celebrates our city’s growth, hospitality and future.”
Situated in the center of Memphis’ cultural and economic core, the Sheraton benefits from a diverse and resilient demand base driven by convention and group business, corporate and institutional anchors such as St. Jude Children’s Research Hospital, FedEx, AutoZone and the University of Tennessee Health Science Center, and the city’s nationally recognized tourism and music heritage district.
“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. The repositioning of this hotel is overdue and important to strengthening Memphis’ competitiveness as a convention destination, while supporting the broader economic vitality of downtown.”
