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Loews Memphis resort job will not shift ahead

Loews Memphis resort job will not shift ahead

Loews Memphis resort job will not shift ahead

Loews Lodge Corporation has pulled the plug on ideas for its Memphis skyscraper lodge, informing city officers this year it will not move forward with a 20-furthermore story lodge on Civic Heart Plaza Downtown. 

New York-primarily based Loews experienced prepared to develop a conference center lodge a block away from the recently renovated Renasant Convention Heart. Plans the moment involved refurbishing the outdated Memphis Police Headquarters building on Adams Avenue, but the deal for the land never closed. 

“When we are unhappy that Loews Hotels will not be coming to Memphis as planned, we continue being encouraged by the ongoing advancement of the sector, notably in our downtown core,” the city of Memphis claimed in a statement Tuesday. 

Paul Younger, Downtown Memphis Commission president and CEO, also confirmed the news Tuesday throughout the Heart Metropolis Profits Finance Company conference. 

“Though this is a disappointment, it need to also come as no shock provided the conditions we have observed around the past two several years,” he told board members. “Despite this information, we’re heading to remain upbeat and good about the potential of hospitality in Memphis.”

The site of the future Loews development. Photographed Tuesday, July 7, 2020, in downtown Memphis.

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Loews, in a assertion, did not shut the doorway on a future challenge in Memphis and cited a limited lending natural environment. 

“We love Memphis, the people today and the vacation spot. The pandemic set challenges on the resort marketplace and the lending marketplace, making the economics of our proposed transaction remarkably challenging. Our hope is the foreseeable future will allow for us to appear at new transactions in Memphis, despite the fact that the timeline is undefined,” Alex Tisch, Loews president, mentioned in a statement.