Trip Miller, who is a financial adviser with Gullane Capital LLC in Memphis, said a large hotel would be a game changer for Overton Square and Midtown Memphis.
"It's an additional piece that needs to be there for Midtown to take the next step as a true entertainment district," he said. "Putting a hotel there, it's a natural aspect for that area that has been missing."
Loeb Properties applied for a 15-year tax incentive totaling about $6 million from the Economic Development Growth Engine of Memphis and Shelby County. The hotel itself is expected to put $5 million back into the economy in the same amount of time.