MEMPHIS, Tenn. — Things happen.
Example: the new Loews Hotel on Main Street in downtown was supposed to be under construction already. This hotel is a major component of a North Main renovation, which includes the renovated Convention Center.
The convention center construction schedule continues to be on time and on budget.
It’s a different story for the Loews Hotel, where construction was supposed to begin in “early summer.”
Doug McGowen, Memphis Chief Operating Officer says, “The firm date for breaking ground on the actual construction of the hotel is a little up in the air at this moment. It’s up in the air for one reason and that concerns when the lending markets reopen. Right now, the lending markets, the capital markets, are not freeing up any money for hotels until things stabilize a little bit. I am not an expert, but that is what I am hearing from our partners at Loews and from industry experts.”
McGowen says, on the other hand, things are moving along on time and on budget with the convention center.
“We have always said we would have substantial completion in the fall, and then some punch list (check list) items that will take us to the first of the year.”
Everything is going to work, McGowen says.
“I am not concerned, and I would tell you if I was concerned.”