November 5 has been set as the closing date for the purchase and sale agreement for the Sheraton Hotel in downtown.
The city authorized issuing $30 million in bonds last year to buy the convention center hotel for $22 million, but the sale discussions have lasted almost a year.
Councilwoman Jerri Green claims that the city has already paid more than $4 million in debt service while the hotel purchase has stalled and that the amount would increase before the sale.
The Sheraton is currently the biggest hotel in Memphis, but is in bad shape and has around one-third of its rooms unsold.
