MEMPHIS, Tenn. — We'll know later this month if this Grand Hyatt will be built.
While I understand taxpayers aren't thrilled it will require them to loan the Carlisle Corporation $10 million, the bottom line is it's the cost of doing business.
The 20-story building right on the Riverfront would change the Memphis skyline for the first time in decades. It would bring a much-needed major hotel for booking large events into our renovated convention center. Plus, the loan will be repaid in 10 years, not including the sales tax revenue we'll get not just from that hotel, but the other two new Hyatts next door which will add about 750 new rooms to downtown's capacity.
Other cities have given a lot more for developers to build a convention center hotel, but other cities have more money than Memphis.
Kudos to Mayor Strickland for being prudent, but also for supporting this new addition to downtown.