The Sheraton Memphis Downtown Hotel is a 600-key institutionally built hotel located at 250 N Main Street in the heart of Downtown Memphis directly across from the Renasant Convention Center. Developed in two phases, the South Tower was built in 1985 and features 393 guestrooms, and the North Tower which includes 207 guestrooms was constructed in 2004. The Hotel is connected via a 2nd floor enclosed skywalk to the Renasant Convention Center (“RCC”), Memphis’ premier convention facility, which offers 300,000 square feet of event space and recently reopened following a $200m renovation. Uniquely positioned within its respective market and poised to capture the vast majority of demand from the RCC, the Sheraton’s guestrooms provide incredible views of downtown Memphis and are amongst the most spacious in the market. Additional Hotel amenities include The Crossroads Tavern and Grille, 14,675 square feet of meeting space, an indoor pool, outdoor patio and expansive fitness center.

The property was last renovated in 2014 and underwent a change in property management companies in 2021. As a result, the Hotel has the opportunity to capture additional market share upon renovation and continued management stabilization. Notwithstanding the above, during the Trailing Twelve Month (“TTM”) period ending September 2023, the Sheraton generated $29,276,362 in total revenue, up 20.76% year over year as hotel and market metrics continue to recover in a post COVID environment. Going forward the opportunity exists for an investor to acquire the largest hotel in Memphis, directly connected to Memphis’ premier convention facility, at a significant discount to today’s replacement costs and implement a comprehensive renovation plan to drive significant top and bottom line growth at the property.