The historic Dermon Building in Memphis, originally designed as an office building 99 years ago, is set to undergo a transformation into a modern hotel. Spearheaded by Turkey Creek Hospitality and Hospitality Builders of America, the development team plans to revitalize the vacant property with a new 150-room Holiday Inn Express. The estimated cost for this project is $22.3 million.
This exciting venture has received approval from the Center City Revenue Finance Corp (CCRFC) in the form of a 10-year PILOT (payment-in-lieu-of-taxes). The ground floor will be utilized for commercial space while preserving key original features to qualify for historic tax credits. Additionally, existing parking facilities will be used for guest parking.
In recognition of its historical significance and architectural value, the Dermon Building was added to National Register of Historic Places back in 1984. Stay tuned as this iconic landmark transforms into an inviting destination under its new name – Dermon Building by Holiday Inn Express.
