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Memphis Dermon Building Converting to 150-Room Hotel
The Dermon Building in Memphis was built 99 years ago, designed as an office building. It’s been vacant since 2010, but now a group is moving forward with a hotel. Turkey Creek Hospitality and Hospitality Builders of America are heading up the development team. The group is planning a 150-room Holiday Inn Express hotel. The project is estimated to cost $22.3 million. The development group plans to call the renovated property the Dermon Building by Holiday Inn Express.
The project received a 10-year PILOT (payment-in-lieu-of-taxes) from the Center City Revenue Finance Corp. (CCRFC).
The ground floor of the building is to be used for commercial space while maintaining a number of the original features to qualify for historic tax credits. Existing parking facilities would be utilized for guest parking.
The Dermon Building was added to the National Register of Historic Places in 1984.
- ◦Development
