Westin Beale Hotel
Memphis, Tennessee
The 9-story hotel, which was developed by Nashville-based Senate Hospitality Group, features 203 rooms, a Starbucks and the Sole Restaurant & Raw Bar. The construction of this $40 million hotel was made possible by the inclusion of $15.5 million in New Markets Tax Credits.
Over the past two decades, the Memphis economy has undergone a major shift from a manufacturing and shipping center to a more diversified economy driven by air freight and hospitality/tourism. The Westin Beale Hotel supports this local economic shift by providing additional jobs to the City of Memphis, but more importantly, serves as a launching pad for significant community development in the area surrounding the hotel - an area that has been designated a federal renewal community.
In addition to serving as a catalyst for area support and development, the project is committed to providing jobs and demonstrable community development opportunities. Through a key covenant incorporated into the transaction, the parties have worked to ensure that local residents continue to benefit from the project through workplace training and employment opportunities, a key component to positive community impact.
"This transaction was an ideal marriage of the private and public sector and will result in much needed job training and employment in the downtown Memphis area."
Bill Grinker, former CEO
Seedco Financial Services