The old French Quarter Inn on the corner of Cooper and Madison has been sold and will be turning into a boutique hotel.
The owners are developers out of Austin, Texas with a local connection in Memphis.
The French Quarter Inn has seen its better days. But in its day the hotel was the place to be seen.
For Alexandra Rushing, a small business owner in Overton Square, the reopening of the hotel is welcomed news.
"Grandparents said it was a beautiful hotel," Rushing said.
"My brother and his wife had his honeymoon at that hotel," said Ben Scharff.
Closed back in 2008 after years of decline, the French Quarter will soon be renovated and back in business. Several sources close to the property tell FOX13 News the current owner sold the property to a developer in Texas. His partner is one of the principals at the trendy Madison Hotel in Downtown Memphis.
The soon to be refurbished French Quarter will be an upscale boutique hotel said one source. It would be located right in the heart of the redeveloped Overton Square and across the street from a clothing store that just opened.
"We get to be the store that services all of their customers," Rushing said. "Hopefully it will give us some more business."