MEMPHIS, Tenn. — The City of Memphis has closed on a $30 million purchase of the downtown Sheraton Hotel attached to the Renasant Convention Center.

The deal would kick off a renovation plan for the aging 600-bed hotel, which is reportedly in such poor condition it is driving away potential convention business at the recently renovated convention center.

Memphis Mayor Paul Young pushed for the city to buy the hotel, avoiding a potential auction by its owners.

"This purchase secures the Sheraton as a long-term civic asset," Young said in a news release. "It strengthens our convention district, supports local businesses, and keeps our downtown growing as an engine of opportunity for our entire city."

Last year, the city approved issuing $30 million in bonds to purchase the convention cen

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