Memphis Finalizes $22 Million Purchase of Sheraton Memphis Downtown
Skift Take
The City of Memphis closed on the $22 million deal to buy the Sheraton Hotel Downtown. Plus, more hotel deal and development news.
The Sonder/Marriott saga continues with things coming out in the bankruptcy proceeding. Accusations by MAR include that SOND tried to shake them down for more money, seeking to “leverage guest safety as a bargaining chip” for MAR to pay for its wind-down. MAR had requested information from SOND to allow them to effectively implement their emergency measures for when SOND shut down, but SOND failed to provide the information or engage MAR in addressing customer needs. SOND threatened to file a free-fall Chapter 7 case. If that happened, all the people would be kicked out of the properties, doors locked, and they would not be able to access what they had in the rooms. MAR was giving all these details because they wanted to be sure the emergency measures they undertook did not violate an automatic stay order from the court or relief from that automatic stay. MAR also disclosed that SOND owes them more than $17.6 million.
CoStar/STR reported o
