MEMPHIS, Tenn. - The City of Memphis has closed a multimillion-dollar deal by purchasing the Sheraton Hotel next to the convention center in Downtown Memphis.

“Through heroic efforts, the City of Memphis has reached a milestone moment with the successful purchase of the Sheraton Memphis Downtown. This strategic investment not only preserves an essential asset but also strengthens the foundation of our city’s convention and tourism economy," said Tannera Gibson, Chief Legal Officer.

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The deal totaled $22 million.

Last year, Mayor Paul Young said the city wanted to preserve and protect the city's largest hotel.

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“What we cannot afford as a

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