(Memphis) A company has bought the vacant French Quarter Inn and is renovating it into an upscale boutique hotel.
As the hotel has sat vacant since 2008 Loeb Property has redeveloped Overton Square into a vibrant hot spot in the heart of Midtown.
“Oh man, it’s just phenomenal man. They tourist, the people who are coming in, not just for us but surrounding businesses as well,” said Theron Evans, who manages the kitchen at Bar Louie in Overton Square.
Evans was excited to hear a California based group of investors is buying the hotel for about $2 million.
“It’s like the last piece of the puzzle that I’ve been looking for for Midtown, so with the puzzle being fit, I can see more growth for Midtown,” said Evans.
Evans says he’s watched the prime spot sit vacant for too long, and he knows tourists who stay at the new hotel will walk right across the street for some of the best food and atmospheres in Memphis.
Businesses around the French Quarter have pushed for a boutique hotel in its space since it closed.
The old hotel, which opened in 1984, was almost sold two years ago for $3 million.
That deal fell through and a separate deal fell through just three months ago.
But now the purchase, with different investors, is back on.
This time the property sold for a million dollars less than previous deals.
No word yet on when the hotel will open, but midtown lovers like Evans say there will be no better place for tourists to stay in Memphis.
“They will have a great impression of Memphis. Other than the aspect of going downtown midtown is the new downtown in Memphis,” said Evans.
Loeb properties has been working hard to redevelop the area, and in addition to a brand new parking garage the square is 85 percent occupied.
No word yet on when the hotel may be complete.