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.”