Steamboat Purchased

The City of Memphis now has a $9M ownership stake in the American Queen riverboat. The 418' long, 89' wide, 222 room boat was purchased from the U.S. Maritime Administration this past week by HMS Global Maritime and its new subsidiary Great American Steamboat Co. which will be headquartered in Memphis.

All overnight travel companies on the river had gone out-of-business. The purchase and restoration of the American Queen resurrects the previously defunct segment of the travel industry, provides a user for the $41M troubled Beale Street Landing project, and promises to create jobs in Memphis.

For some political and financial background on the deal, click HERE for "Daily News" coverage.

For Mayor AC Wharton's letter-to-the-editor, click HERE.