The owners of the Downtown Sheraton Hotel Memphis Tennessee are planning a $226 million renovation and expansion of the hotel across from the Renasant Convention Center. Owner Starwood Capital Group was granted a 30-year payment in lieu of tax incentive and a 5% tourism development zone surcharge by a Downtown Memphis Commission board. Starwood Capital plans to renovate the entire hotel and construct a new tower to add 300 rooms to the 600-room hotel. Currently, renovations are expected to start in late 2023 and will be phased to allow the hotel to continue to operate. The work is projected to take 18 months. Construction of the new tower is expected to begin in 2024 and take 20 to 22 months. Rob Tanenbaum is managing director of asset management for Starwood.