According to an article in today's CA, the Strickland administration does not recommend backing $7 million debt for the One Beale's Grand Hyatt hotel because of pending debt for FedEx Forum. Adding the $7 million would strain the city's debt capacity. In other words, they can do one or the other, but not both.

The administration and the One Beale developer are negotiating on the subsidy the city will provide to start hotel construction.

The Beale One project is considered critical by the city. The 450 room Grand Hyatt (phase 4) is an important part of the Beale One project. Among other purposes, construction will help meet the hotel room requirements for events like the NBA All-Star game.

Quote:Now in the construction phase, One Beale is a project that will serve as a gateway to the Beale Street sports and entertainment district to connect the riverfront to what’s been called America’s most iconic street.

This skyline-transforming project on more than 5.5 riverfront acres will include a mixed-use, multi-parcel development featuring three hotels, residential and retail space, and a public parking garage.

The Memphis Convention and Visitor Bureau says Phase 1 (of four phases) of One Beale is expected to produce an economic impact of about $294 million dollars for the region. (my emphasis)

https://www.commercialappeal.com/story/n...152475002/
https://wearememphis.com/explore/emergin...one-beale/