The draw to Memphis.(economic aspects of tourism)(Financial report)

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by the Memphis Convention & Visitors Bureau

Memphis Tourism

Known around the world for its historic cotton industry and now as the logistics capital of the world, one of Memphis' most vibrant industries is tourism. Attracting over nine million visitors a year, tourism pumps on average an impressive $2.5 billion into the local economy. Of the 50 different year-round tourist attraction sites in the area, Beale Street Historic District creates much of the city's allure and is the most visited attraction in Tennessee with 4.2 million visitors, according to an economic impact study conducted by the Research Department of the Travel Industry Association of America (TIA) for the Tennessee Department of Tourist Development.

"Memphis always ranks high with visitors and convention folks," said Kevin Kane, President & CEO of the Memphis Convention & Visitors Bureau. "People from across the country are discovering what those of us already know. Great music, great food, and great attractions--we've got it all in Memphis" The majority of people discovering Memphis cited "holiday" as their reason for traveling, spending on average $285 a day. European travelers are a significant presence in the city, backpacks and guidebooks abound, and spend about $173 a day, while businessmen proved to be among the most generous with their budgets, spending $215 a day.

Many of these dollars find their way to local businesses, restaurants, and hotels, including the new Westin Beale Street, a $40 million hotel that features 203 rooms, a restaurant, lobby bar and lounge, and a floor of rooms with longer beds, taller showers, and other amenities specially designed for NBA basketball …