City declines $5M request to move Grand Hyatt project forward
MEMPHIS, Tenn. (WMC) - Questions Wednesday about the future of the proposed Grand Hyatt hotel that would have served the Renasant Convention Center in Memphis.
According to Chance Carlisle, the project’s principal developer, $5 million was requested from the City of Memphis to move the project forward, but the city declined the funds.
The Grand Hyatt would have been a 350-plus room convention center hotel in the downtown area.
In a letter, Memphis Mayor Jim Strickland stated that The City of Memphis fought for, supported, and implemented several requests and incentives to help the project.
This is not the first time the developers have asked for more capital.
The letter stated in February 2022 Carlisle asked for more money and was approved.
Mayor Strickland wrote in response to Carlisle’s request, “The chronology of events in your letter is inaccurate and omits several key facts, including that you advised my COO on Sept. 28 that amongst other things, the contactor was demanding more money and you had decided that the project was over.”
“One Beale investors want to know why Mayor Strickland’s Administration delayed the Grand Hyatt and had to return to the Memphis City Council for the fourth time in October. This is a matter of public record. We had a signed agreement on September 23rd,” said Carlisle. “Four days later, the Administration refused to release Wells Fargo Securities to issue the municipal bonds for sale.”
You can read The City of Memphis’ full response here.
Click here to sign up for our newsletter!
Click here to report a spelling or grammar error. Please include the headline.
Copyright 2022 WMC. All rights reserved.