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Loews Hotel | 21 stories, 500 rooms - CANCELED


VSRJ

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1 hour ago, James Owen said:

Loews had stopped pursuing the old police headquarters back in May: https://www.bizjournals.com/memphis/news/2021/05/10/loews-hotel-removes-police-building-from-plans.html

The project as a whole was likely good as dead anyway after the original deadline for construction to start (by the end of this past December) had passed with no action taken by Loews.

The question now is will the city pursue new bids for a 500-600 room hotel near the convention center or just take it off the table for the time being?

Well, I think they are thinking the Grand Hyatt can help, but it’s not ideal since it’s almost a mile away. Hotel rooms at 100 N Main will help, but there’s only 200 or so. The Sheraton talked about expanding too. 

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1 hour ago, MDC26 said:

Well, I think they are thinking the Grand Hyatt can help, but it’s not ideal since it’s almost a mile away. Hotel rooms at 100 N Main will help, but there’s only 200 or so. The Sheraton talked about expanding too. 

Schulte Hospitality had talked about doing some renovations to the Sheraton when they acquired the property from the city a couple of years ago, and wanted to build a second hotel right next to it with 300+ rooms. Don't know what the current status is on those plans as the pandemic kinda messed up a lot of the financing for developers to use.

At least the Carlisles have been able to weather the storm somewhat in getting two hotels built with a third on the way.

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12 minutes ago, TheKernel91 said:

Was there people protesting in the construction zone that delayed it as well?

I don't think there was any plans to initiate construction when the protesting was going on. 

The only thing that was done is the demolition of the covered Trolley stop with clock tower and that was done by the city in preparation for the project.  

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1 hour ago, MDC26 said:

I don't think there was any plans to initiate construction when the protesting was going on. 

The only thing that was done is the demolition of the covered Trolley stop with clock tower and that was done by the city in preparation for the project.  

I hate that it was demolished for nothing... It was a unique structure.

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9 minutes ago, VSRJ said:

I hate that it was demolished for nothing... It was a unique structure.

We should make Loew's build something back.  

Everything was quite a cluster.  The whole Townhouse deal and lawsuit, then the Sheraton lawsuit, then the demolition of the Trolley stop.  All that, for absolutely nothing.  

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2 hours ago, MDC26 said:

We should make Loew's build something back.  

Everything was quite a cluster.  The whole Townhouse deal and lawsuit, then the Sheraton lawsuit, then the demolition of the Trolley stop.  All that, for absolutely nothing.  

According to the Downtown Memphis Commission site, the Loews hotel is still showing planned.  Paul Young was asked about it in August and he didn't say the project was tabled. Things might have changed between now and then though. 

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  • VSRJ changed the title to Loews Hotel | 21 stories, 500 rooms - CANCELED

Sad news to share...

Loews Hotel deal is off

From the Daily Memphian (behind paywall):

https://dailymemphian.com/section/business/article/26943/memphis-downtown-loews-hotel-deal-is-off

Loews Hotels development officially a no-go for downtown Memphis

https://www.localmemphis.com/article/money/business/loews-hotels-development-officially-a-no-go-for-downtown-memphis/522-7b2d8999-8a5f-4c2d-b060-51d74f57f4d0

Quote

MEMPHIS, Tenn. — It’s officially over. A planned Loews Hotel development, which was a component of the North Main renovation in downtown Memphis, will not be moving forward.

Back in July 2020, we reported that the project had been put on hold. Tuesday, Memphis city officials said that Loews Hotels would not be coming to Memphis after all.

In a news release, the city did not give a reason as to why the project was scrapped, but that they are “encouraged by” other planned developments, including at 100 N. Main and improvements to the Sheraton.

When construction was put on hold for the Loews Hotel in 2020, Doug McGowen, Memphis Chief Operating Officer told ABC 24, “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.”

Below is Tuesday’ full release from the City of Memphis:

“While we are disappointed that Loews Hotels will not be coming to Memphis as planned, we remain encouraged by the continued growth of the industry, particularly in our downtown core.

With the recent success of several hotels opening downtown, including the Hyatt Centric and a Hyatt Grand on the way, we are confident that our city and newly renovated convention center will continue to entice new development in this space.

Additionally, we are further encouraged by planned improvements to the Sheraton, and the potential of a hotel to the development plan of 100 N. Main.

Memphis and our downtown remain in a strong position, and we’re excited about what the future holds.”

Edited by VSRJ
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16 minutes ago, VSRJ said:

Between all the drama of Townhouse/ Sheraton and lawsuits I had a bad feeling about this from the beginning but tried to stay hopeful.   I think Covid and 2020 about killed it in my mind...sucks..at least now it's confirmed and can move on.

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2 hours ago, James Owen said:

I think we can lock this thread now since the Loews project itself is no longer being pursued at this point.

I'll let it die on its own in case there is any pertinent information that emerges in the next couple of weeks.

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1 hour ago, MDC26 said:

Well, can't say this comes as a shock since I posted a couple weeks ago that the property was listed for sale.  

Too bad, that was a really cool design.

No shock, they moved forward in Arlington with the live! Project knew then something was amiss,  It was very smart on DMC behalf to purchase 100 N. Main and move forward on a hotel development plan for that building while Lowes was deliberated on what they should/ could do. Grand Hyatt is in the making that’s a plus, hopefully Sheraton can move forward on a interior/ exterior/ JW Marriott rebranding hopefully with glass enclosed exterior like the Carlisle design of 100 N main. 

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1 minute ago, Memphisborn said:

No shock, they moved forward in Arlington with the live! Project knew then something was amiss,  It was very smart on DMC behalf to purchase 100 N. Main and move forward on a hotel development plan for that building while Lowes was deliberated on what they should/ could do. Grand Hyatt is in the making that’s a plus, hopefully Sheraton can move forward on a interior/ exterior/ JW Marriott rebranding hopefully with glass enclosed exterior like the Carlisle design of 100 N main. 

Well, doesn't surprise me that that project would be prioritized way ahead of the Memphis project since it is amongst 3 stadiums, Six Flags, and the Arlington Convention Center in a metro of 7.6 million people, but I had my doubts that this would happen once the pandemic started.  

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9 minutes ago, MDC26 said:

Well, doesn't surprise me that that project would be prioritized way ahead of the Memphis project since it is amongst 3 stadiums, Six Flags, and the Arlington Convention Center in a metro of 7.6 million people, but I had my doubts that this would happen once the pandemic started.  

The pandemic wrecked a lot of planned developments to where many lenders weren't willing to take too many risks.

With 100 North Main now having a developer in place, maybe the city can see if Orgel/Woods are open to upping the number of hotel rooms in the building.

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This is a disappointment for sure! 

But it seemed failed to start--with Sheraton flipping out and threatening a lawsuit (or did they actually sue?), as well as the plans for 100 North Main Street falling through, that incorporated the Loews hotel.

I would think Loews could still easily carve out a niche in downtown Memphis. Why don't they look to the Walk site, or over near Beale Street? 

There are many options for Loews to locate in, unless they were dead set on that spot, and now they may just want to move on from Memphis for a while. 

What a shame for real though.

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29 minutes ago, TheKernel91 said:

Now the question in play... who will buy the land and development something on it. Still prime real estate near the convention center. 

This is true and I wondered all along if the split with Townhouse leaving 100 N Main vacant and blighted could hurt the chances of this-- I still think Covid and financing was the killer but if/when 100 N Main gets developed that only makes this land more valuable.  As well as the numerous surface lots east of it for long term growth.   

Edited by DRG901
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18 minutes ago, TheKernel91 said:

Now the question in play... who will buy the land and development something on it. Still prime real estate near the convention center. 

How about talking with Blue Note LLC about developing the blues note hotel there would be an amazing addition to the convention center especially if they up the number of rooms @ 100 n main 

976A2E2B-1A58-44C1-A375-3C443D5F9F37.png

Edited by Memphisborn
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10 minutes ago, Memphisborn said:

How about talking with Blue Note LLC about developing the blues note hotel there would be an amazing addition to the convention center especially if they up the number of rooms @ 100 n main 

976A2E2B-1A58-44C1-A375-3C443D5F9F37.png

I saw on this forum they did with the Daily Memphian (swear it was posted somewhere on here) that they were looking at another site "closer to the entertainment district" they could build this at instead of the Pinch...  I immediately guessed the Clipper site (I'll assume that's dead at this point too).   That'd be good close to the arena but maybe they'll look at this site too.

Edited by DRG901
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17 minutes ago, DRG901 said:

I saw on this forum they did with the Daily Memphian (swear it was posted somewhere on here) that they were looking at another site "closer to the entertainment district" they could build this at instead of the Pinch...  I immediately guessed the Clipper site (I'll assume that's dead at this point too).   That'd be good close to the arena but maybe they'll look at this site too.

It’s not a bad site for them to consider right next to convention center + it’s in the burgeoning N/S main district and not that far from Beale st.  I do understand wanting that clipper site (FedEx forum) close proximity and Beale footsteps away. That may not be achievable @ this time land cost there is very expensive it’s prime real estate. But let’s see what happens just hope it gets built soon somewhere downtown/ pinch area. 

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23 minutes ago, jjbradleyBrooklyn said:

This is a disappointment for sure! 

But it seemed failed to start--with Sheraton flipping out and threatening a lawsuit (or did they actually sue?), as well as the plans for 100 North Main Street falling through, that incorporated the Loews hotel.

I would think Loews could still easily carve out a niche in downtown Memphis. Why don't they look to the Walk site, or over near Beale Street? 

There are many options for Loews to locate in, unless they were dead set on that spot, and now they may just want to move on from Memphis for a while. 

What a shame for real though.

It was a disappointment but not life ending, because the shelving of this particular project will not impact any present or future development in Memphis.

This project would've gone forward had it not been for the pandemic. THM nor the Sheraton  are not the reason, this hotel isn't being constructed. According to the Commercial Appeal, Loews mentioned the tight lending market and hasn't shut the door on a future property in Memphis. 

I don't know what you mean by, " there are many options for Loews to locate", because downtown is very active.   Loews was  going in this location, because  of its proximity to the convention center. It was going to be a second convention center hotel. 

The Walk is a totally different type of development and Loews will not fit in the design.  

 

 

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10 minutes ago, Memphisborn said:

It’s not a bad site for them to consider right next to convention center + it’s in the burgeoning N/S main district and not that far from Beale st.  I do understand wanting that clipper site (FedEx forum) close proximity and Beale footsteps away. That may not be achievable @ this time land cost there is very expensive it’s prime real estate. But let’s see what happens just hope it gets built soon somewhere downtown/ pinch area. 

 

If I had to guess I'd bet they would  keep going for something in the 500ish room range for a convention center site.  Seems like Blue Note would be more boutique like and they were originally planning a hotel at the Clipper site, correct?  Either way we'll see-  we still need more rooms so time will tell.

Edited by DRG901
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