Adams and Reese Partner James McLaren, who represents Elvis Presley Enterprises, was interviewed in a Memphis News Channel 3 article, "EDGE Gives Approval for Graceland Hotel," as The Economic Development Board approved $84 million in financing to fund a 450-room hotel and convention center at the Graceland Property. With its 450 rooms, 500 seat theater and two restaurants, the Graceland hotel will be the third largest in the city behind the Peabody and Convention Center Sheraton. In addition, 500 jobs were promised in and around the hotel.
EDGE, the Economic Development Growth Engine, said it approved issuing Graceland $84 million in bonds to help pay for a new hotel. Financing would also come from a tourist development zone set up by city and county and from a tourist surcharge.
“There’s not going to be a check written by the city or county to pay the debt so it is merely being paid from incentive revenues, from the revenues created by the hotel:13 and from Guarantees of the owners of the hotel,” said McLaren.