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Downtown Memphis Commission board approves bond sale for Grand Hyatt hotel

The $190-million 350-room luxury hotel will be part of the ‘One Beale’ project overlooking the Mississippi River.

MEMPHIS, Tenn. — The Grand Hyatt hotel has received final approval for a bond sale to pay for construction in downtown Memphis.

The Downtown Memphis Commission board – Center City Revenue Finance Corporation (CCRFC) – gave final approval for the bond sale Tuesday morning. It was the final move needed for the hotel at One Beale to move ahead.

The $190-million 350-room luxury hotel will be part of the ‘One Beale’ project overlooking the Mississippi River. The agreement requires city taxpayers to loan the developer $10 million, funneled through the CCRFC to Carlisle Corp., set to be repaid in 10 years.

Mayor Jim Strickland previously called the plan a "win" for Memphis.

The full One Beale project includes three hotels, apartments, dining, and more for about $435 million in development costs.

Read the resolution that was passed HERE.

RELATED: Here's what the planned Grand Hyatt hotel means for taxpayers

RELATED: “This is a win for the City of Memphis" | Agreement reached for One Beale hotel, says mayor

RELATED: 'A huge ask for taxpayers' | Why Memphis Mayor Jim Strickland is taking a stand on funding a new luxury hotel downtown

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