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.