Memphis Hotel Development goes to Court

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The 100 North Main owner Townhouse Management is suing Loews Hotels over the breakup earlier this year of a joint venture to develop Memphis’ second convention center hotel.

Townhouse contended it was pushed out of the deal at Loews’ insistence, an allegation the city denied.

<strong>100 North Main’s owner alleges breach of an implied contract by former business partner Loews.</strong> (Daily Memphian file)”/></figure>



<p><strong>100 North Main’s owner alleges breach of an implied contract by former business partner Loews.</strong> (Daily Memphian file)</p>



<p>The two New York companies had worked together for about a year to secure more than $100 million in city and state incentives.</p>



<p>A Townhouse unit, THM Memphis Acquisitions Inc., alleged breach of 
implied contract, misrepresentation, unjust enrichment and promissory 
estoppel by Loews, in a filing in Davidson County Chancery Court in 
Nashville.</p>



<p>Townhouse asked the court to force Loews “to comply with its 
agreement and representations to enter into a joint venture agreement 
with THM to develop a convention center hotel for the City of Memphis.”</p>



<p>In the alternative, Townhouse sought monetary damages for time and  expense invested in the deal and compensation for lost opportunity  costs.</p>



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